Intuit Posts Q1 Beat, Shares Tank On Disappointing Outlook: Analyst Says: ‘Trends Beneath The Surface Were Mixed’
Intuit Inc (NASDAQ:INTU) shares tanked in early trading on Friday, even after the company reported upbeat fiscal first-quarter results.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
- Goldman Sachs analyst Kash Rangan maintained a Buy rating while raising the price target from $765 to $800.
- Stifel analyst Brad Reback reiterated a Buy rating while reducing the price target from $795 to $725.
- Oppenheimer analyst Scott Schneeberger reaffirmed an Outperform rating while raising the price target from $712 to $722.
- Piper Sandler analyst Arvind Ramnani maintained an Overweight rating while cutting the price target from $768 to $765.
- Scotiabank analyst Allan Verkhovski reiterated a Sector Perform rating and price target of $700.
- BMO Capital Markets analyst Daniel Jester reaffirmed an Outperform rating and price target of $760.
- RBC Capital Markets analyst Rishi Jaluria maintained an Outperform rating and price target of $760.
Check out other analyst stock ratings.
Goldman Sachs: Intuit reported better-than-expected results for its fiscal first quarter, with “early progress in Gen-AI,” Rangan said in a note. The stock came under pressure on the company’s fiscal second-quarter guidance coming in “a bit weaker” than expectations, he added.
The quarterly guidance shortfall is “primarily owing to non-Core Consumer Group desktop offering’s promotional activities,” pushing revenues from the second quarter to the second half of the year, the analyst stated. Management kept their full-year guidance “largely intact, suggesting that Consumer Group’s desktop offering is likely to reaccelerate and has the potential for recapturing earnings leverage in 2H,” he further wrote.
Stifel: Intuit …
Full story available on Benzinga.com