Intuit (INTU – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Steve Enders from Citi maintained a Buy rating on the stock and has a $726.00 price target.
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Steve Enders has given his Buy rating due to a combination of factors related to Intuit’s market position and recent developments. One key reason is the potential elimination of the IRS’s direct file program, which was previously seen as a competitive threat to Intuit’s TurboTax service. This program’s limitations, such as its focus on federal filings only, meant it primarily targeted the lower end of the market, which is less significant for Intuit.
The recent news about the program’s possible discontinuation is viewed positively, as it alleviates some of the competitive pressures on Intuit’s tax business. Additionally, surveys indicate that TurboTax’s market share remains stable, further supporting a positive outlook for the company. These factors collectively contribute to a more favorable sentiment towards Intuit, justifying the Buy rating.
According to TipRanks, Enders is an analyst with an average return of -3.5% and a 45.07% success rate. Enders covers the Technology sector, focusing on stocks such as Intuit, Workiva, and Workday.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $720.00 price target.