These Analysts Revise Their Forecasts On Intuit Following Q3 Results

Intuit Inc. INTU posted better-than-expected earnings for its third quarter and boosted its full-year outlook. However, the company issued weak earnings guidance for the current quarter.

Intuit's third-quarter revenue increased 12% year-over-year to $6.737 billion, beating the consensus estimate of $6.647 billion. The financial technology platform company reported adjusted earnings of $9.88 per share, beating analyst estimates of $9.37 per share, according to Benzinga Pro.

"The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company," said Sasan Goodarzi, CEO of Intuit.

Intuit anticipates fiscal fourth-quarter revenue of $3.063 billion to $3.099 billion versus estimates of $3.04 billion. The company sees adjusted earnings in the range of $1.80 to $1.85 per share versus estimates of $1.93 per share.

Intuit now expects full-year 2024 revenue to be in the range of $16.164 billion to $16.2 billion versus estimates of $16.05 billion. The company expects full-year adjusted earnings to be between $16.79 and $16.84 per share versus estimates of $16.41 per share.

Intuit shares fell 1.2% to close at $662.26 on Thursday.

These analysts made changes to their price targets on Intuit after the company reported quarterly results.

• Piper Sandler raised the price target on Intuit from $750 to $760. Piper Sandler analyst Arvind Ramnani maintained an Overweight rating.
• B of A Securities cut Intuit price target from $760 to $730. B of A Securities analyst Brad Sills maintained a Buy rating.

Read More: SLB, First Solar And 2 Other Stocks Insiders Are Selling