Intuit Stock Analysis: Jefferies Analyst Sets Street-High Price Target After Q3 Beat and Raise
Intuit (NASDAQ:INTU) stock received a significant boost after Jefferies analyst Brent Thill set a Street-high price target following the company’s impressive Q3 results. Thill, who reiterated a Buy rating on the stock, raised the price target to $770 from $760, indicating a potential upside of 26.9%.
Intuit, a leading provider of financial management solutions, reported a strong performance in Q3 with adjusted earnings per share increasing by 10.7% year-over-year to $9.88 and revenue surging nearly 12% to $6.74 billion. Despite the positive results, concerns about a soft Fiscal Q4 earnings outlook led to a decline in Intuit’s stock price in after-hours trading.
Jefferies’ Take on Intuit’s Results
Jefferies analyst Thill believes that the initial market reaction to Intuit’s results is temporary. He remains optimistic about Intuit’s fundamentals, highlighting the company’s growth in value-assisted tax, strong performance in the small business segment, and solid guidance for FY24. Thill also noted Intuit’s shareholder-friendly policies, including a dividend increase and share buyback plan.
Intuit Website Traffic Trends
An analysis of Intuit’s website traffic for Q3 FY24 revealed a positive trend, with a notable increase in overall visits. Desktop visits saw an 18.1% growth, while mobile visits experienced a slight decline of 1.4%.
Future Outlook for Intuit Stock
Despite the recent stock price volatility, Wall Street analysts maintain a bullish outlook on Intuit. With a Strong Buy consensus rating on TipRanks and an average price target of $720.47, INTU stock is projected to have an 18.7% upside potential. Analysts are optimistic about Intuit’s long-term growth prospects, citing the company’s strong financials and strategic initiatives.
In conclusion, Intuit’s stock performance reflects the market’s confidence in the company’s growth trajectory. Analysts like Brent Thill are optimistic about Intuit’s future prospects, driven by its solid fundamentals and strategic investments. Investors may find INTU stock an attractive opportunity for potential growth in the financial services sector.
