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.