Intuit price target raised to $670 from $600 at Jefferies

Jefferies raised the firm’s price target on Intuit to $670 from $600 and keeps a Buy rating on the shares following the fiscal Q1 report. The company’s Small Business segment provided the biggest absolute revenue upside given its 80% recurring revenue mix and resilient payroll and payments business, the analyst tells investors in a research note. The firm says all other Intuit segments beat consensus, including Credit Karma despite continued tight credit conditions. It believes the strong Q1 reports makes the company’s “conservative” fiscal 2024 guidance “even more beatable.”