What's Going On With Intuit Shares Wednesday?

Intuit Inc INTU shares are trading lower Wednesday after the company reported worse-than-expected top-line results. Several analysts adjusted price targets following the print. 

• Q3 Revenue: $6.02 billion missed estimates of $6.1 billion
• Q3 EPS: $8.92 beat estimates of $8.48

Revenue was up 7% year-over-year driven by strength in small business. Small business and self-employed revenue was up 21% and consumer group revenue was up 3%. Credit Karma revenue was down 12% and ProTax Group revenue declined 5%. 

"We are raising our total company revenue, operating income, and earnings per share guidance for the fiscal year, demonstrating the strength and resiliency of our platform and portfolio in uncertain times," said Inuit CEO Sasan Goodarzi

Outlook: Intuit sees fourth-quarter revenue up 9% to 10% year-over-year. Earnings are expected to be between $1.43 and $1.48 per share versus estimates of $1.51 per share. 

The company expects full-year 2023 revenue of $14.279 billion to $14.317 billion versus estimates of $14.18 billion. Full-year earnings are expected to be in the range of $14.20 to $14.25 per share versus estimates of $13.83 per share. 

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Analyst Changes:

• Piper Sandler analyst Arvind Ramnani lowered the price target from $510 to $497.
• Citigroup analyst Steven Enders raised the price target from $475 to $495.
• Morgan Stanley analyst Keith Weiss raised the price target from $520 to $525.
• B of A Securities analyst Brad Sills raised the price target from $485 to $500.
• BMO Capital analyst Daniel Jester raised the price target from $462 to $485.

INTU Price Action: Intuit shares were down 6.69% at $419.73 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.