Intuit price target raised to $670 from $600 at Evercore ISI

Evercore ISI raised the firm’s price target on Intuit to $670 from $600 and keeps an Outperform rating on the shares after the company delivered “solid” fiscal Q1 results and reiterated its FY24 guidance. While Evercore expects that there will continue to be some concerns about the state of the SMB market, it believes the implied guidance for the Small Business segment for the rest of the year of 16.5% growth “seems reasonable” and it expects that Intuit’s data plus AI narrative “should get better over the course of 2024.”