Analysts Lift Price Targets On Intuit Post Q1 Success; See Up To 34% Upside

Analysts bumped up price targets on Intuit Inc (NASDAQ: INTU) following Q1 beat and robust outlook. Goldman Sachs analyst Kash Rangan upgraded to Buy from Neutral with a PT of $840, up from $535, implying a 33.6% upside. The analyst cites the "strong" fiscal Q1 report with "beats across all key metrics and an organic raise" for the upgrade. Intuit will approach fiscal 2024 with $17 billion of revenue and 38%-40% operating margins, similar to Adobe Inc (NASDAQ: ADBE) in fiscal 2021 at $16 billion of sales and mid-40%s operating margins at 1.8 times the market cap.

  • Piper Sandler analyst Arvind Ramnani reiterated an Overweight and raised the PT from $621 to $770, implying a 22.4% upside.
  • KeyBanc analyst Josh Beck affirmed an Overweight and raised the PT from $625 to $750, implying a 19.2% upside.
  • Intuit posted a quality beat topping Street estimates excluding Mailchimp. 
  • The analyst sees the potential for better than expected consumer/SMB synergies across a unique FinTech/Software platform.
  • Barclays analyst Raimo Lenschow raised the PT to $802 from $710 and maintained an Overweight, implying a 27.5% upside. 
  • Intuit reported its most prominent beat to consensus revenue numbers "in recent memory" in a quarter without shifting tax deadlines.
  • The analyst encourages investors to look beyond the near-term profitability headwinds Mailchimp brings.
  • Mizuho analyst Siti Panigrahi raised the PT to $730 from $640, implying a 16.1% upside, and kept a Buy.
  • The company posted an "across-the-board stellar" fiscal Q1 via strength in QuickBooks and Credit Karma. 
  • The analyst is also encouraged by Mailchimp guidance of $760 million -$770 million for the remaining fiscal 2022.
  • Deutsche Bank analyst Brad Zelnick raised the PT to $780 from $700, implying a 24% upside, and kept a Buy. 
  • The company's "very impressive" fiscal Q1 results showcase that its product-to-platform evolution is "manifesting in strong fundamentals and financials." 
  • Oppenheimer analyst Scott Schneeberger raised the PT to $696 from $584, implying a 10.7% upside, and kept an Outperform. 
  • The relatively resilient Consumer/ProConnect segments were consistent with expectations in seasonally-light Q1, while the Small Business segment was the primary Q1 upside driver with Credit Karma also contributing.
  • Price Action: INTU shares traded higher by 13.4% at $713.5 in the premarket session on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorNewsUpgradesPrice TargetReiterationAnalyst RatingsTechBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!