Intuit price target raised to $650 from $580 at BofA

BofA raised the firm’s price target on Intuit to $650 from $580 and keeps a Buy rating on the shares after the company reported “solid” Q1 results. Reaffirming its fiscal year guidance “is typically the case post Q1” for Intuit, says the firm, which believes that the high end of the 8% to 12% long term growth target is achievable this year. The firm’s increased price target reflects multiple expansion across the group and an added degree of confidence for FY24 tax upside, the analyst tells investors.