Barclays Raises Intuit (INTU) PT to $815, Cites Stability in Tax Division
On Friday, Barclays increased its price target for Intuit Inc. (NASDAQ:INTU) from $775 to $815, while maintaining an Overweight rating on the shares.
This adjustment follows Intuit's robust fiscal Q3 results, which saw strong performances from both Credit Karma and the Consumer segment.
A professional tax preparer, using a laptop to complete an income tax return.
Credit Karma is a personal finance platform, whereas the Consumer segment focuses on individual tax preparation, primarily through TurboTax. Intuit increased its revenue by 15% year-over-year in FQ3 to make $7.8 billion. The Consumer Group revenue alone grew 11% to make $4 billion, with TurboTax Live revenue specifically projected to grow 47%. Credit Karma also showed strong growth, with revenue up 31% due to strength in credit cards, personal loans, and auto insurance.
Intuit Inc. (NASDAQ:INTU) has now raised its fiscal 2025 guidance across multiple metrics. Revenue growth guidance was increased to 15% from the previous 12% to 13%. Barclays particularly noted increased confidence in Intuit's business strength due to stability returning to the tax division. However, the company anticipates a 1% decline in online TurboTax units this fiscal year, with its share of total returns decreasing by ~1 point.
While we acknowledge the potential of INTU to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than INTU and that has 100x upside potential, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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