Mizuho says FTC ruling ‘non-issue’ for Intuit

Mizuho views Friday’s Federal Trade Commission ruling that Intuit previously deceived consumers about the requirements for qualifying for free tax prep and must now change its advertising practices as a “non-issue.” Intuit has already settled similar litigation related to free tax prep with the attorneys general of 50 states, D.C., and other claimants last year and made certain commitments regarding marketing/ advertising that address the concerns raised by the FTC, the analyst tells investors in a research note. The firm does not expect any material impact on next year’s tax season and keeps a Buy rating on the shares with a $600 price target.