Intuit price target raised to $720 from $700 at KeyBanc

KeyBanc raised the firm’s price target on Intuit to $720 from $700 and keeps an Overweight rating on the shares after it surveyed 100-plus SMBs in March 2024 who indicated a deceleration in IT spend growth in 2024. The firm cites relevance as a key/strategic vendor across the SMB stack with dominant share in bookkeeping/accounting and email marketing. Consideration for QuickBooks in adjacent Back-office functions like payroll, bill management/AP, and invoicing/AR was significant among survey respondents.