Thursday, 18 April 2024

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Business News

Buy Rating for Intuit Affirmed on Rising DIY Tax Filings and Aggressive Market Capture Strategies – TipRanks Financial Blog

Jabil price target raised to $155 from $145 at BofA – TipRanks Financial Blog

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Analyst Siti Panigrahi of Mizuho Securities reiterated a Buy rating on Intuit (INTUResearch Report), retaining the price target of $725.00.

Siti Panigrahi has given his Buy rating due to a combination of factors that suggest a positive outlook for Intuit’s performance. Notably, he observed a slight increase in do-it-yourself (DIY) tax filings, which grew by approximately 3% year-over-year, according to the latest IRS data. This rise in self-prepared e-filings indicates a growing market segment from which Intuit, with its TurboTax software, stands to benefit. Additionally, despite a small dip in the overall number of tax filings, Panigrahi anticipates that the number of filings will align with historical growth patterns as the tax deadline approaches.

Furthermore, Panigrahi’s confidence in Intuit is bolstered by the company’s aggressive marketing strategies aimed at capturing a larger share of the tax preparation market, particularly within the assisted category. He identifies the tax store segment, which comprises approximately 15 million filings, as an immediate growth opportunity for Intuit’s TurboTax Live Full Service offering. Coupled with the expectation that IRS filing growth will revert to its historical range of 1-2% year-over-year, Panigrahi projects that Intuit could achieve a 10% or higher revenue growth in its Consumer Group for the fiscal year 2024. These factors underpin the Buy rating and suggest a robust outlook for Intuit’s stock.

In another report released on March 27, KeyBanc also maintained a Buy rating on the stock with a $720.00 price target.

INTU’s price has also changed moderately for the past six months – from $517.800 to $626.590, which is a 21.01% increase.

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Intuit (INTU) Company Description:

Incorporated in 1983, California-based Intuit, Inc., a software company, provides financial management solutions and compliance products and services for small businesses, accountants, and individuals. It operates through the following segments: Small Business and Self-Employed Group; Consumer Group; ProConnect Group and Credit Karma.

Click Here to Read the Full Original Article at TipRanks Financial Blog…


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