Intuit price target raised to $475 from $450 at KeyBanc

KeyBanc analyst Josh Beck raised the firm’s price target on Intuit to $475 from $450 and keeps an Overweight rating on the shares after surveying over 100 SMBs in Jan/Feb expressing an optimistic 3% 2023 tech spend growth outlook. However, given heightened macro uncertainty, the firm would interpret the results with an air of caution. For Intuit, the next 20% accounting market share is still tied up in spreadsheets and the 50% consideration for adjacent products like payroll is well above current levels of 20%, with core QuickBooks accounting/invoicing components receiving the #1/#2 rankings as most insulated from a downturn, KeyBanc adds.