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Intuit Reports Strong Q3 Results, ‘Disappointing’ Outlook: 6 Analysts On TurboTax Provider

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Intuit Inc (NASDAQ:INTU) shares tanked in premarket and morning trading on Friday, even after the company reported strong results for its fiscal third quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

BofA Securities On Intuit

Analyst Brad Sills maintained a Buy rating while cutting the price target from $760 to $730.

“With the major tax quarter now behind Intuit, the company issued a disappointing FY24 outlook,” Sills wrote in a note. The company projected 7%-8% consumer tax growth for fiscal 2024, while “we were expecting 9% to 10%,” he added.

The lower projection was due to share losses at the “free filers and lower ASP filers,” with the company focusing on market share gains in the “up-market CPA segment with TurboTax full service,” the analyst stated. “We believe a focus on the higher value filing segment makes sense, though net share losses are concerning,” he further wrote.

Stifel On Intuit

Analyst Brad Reback reiterated a Buy rating while reducing the price target from $720 to $690.

Intuit reported solid quarterly results with “9% TurboTax growth representing a healthy tax season,” Reback said. He added, however, that the upside was lower than anticipated.

While the company lost market share, this was among non-paying and lower-paying customers, the analyst stated. Intuit gained “meaningful share in the higher-value-Assisted market with the company‚Äôs Live business now expected to grow 17% Y/Y in FY24 (30% consumer revs),” he …

Full story available on Benzinga.com

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