Intuit (INTU – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Michael Turrin from Wells Fargo maintained a Buy rating on the stock and has a $775.00 price target.
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Michael Turrin has given his Buy rating due to a combination of factors impacting Intuit’s stock. Firstly, the company’s valuation is currently below historical norms, presenting a potential for significant upside. This is evident as the shares are trading at lower multiples compared to Intuit’s historical averages. Additionally, Intuit’s pricing power remains strong, especially with their TurboTax offering, where a majority of users have indicated comfort with price increases.
Furthermore, the company’s QuickBooks product continues to demonstrate robust growth, which is crucial given its importance to Intuit’s portfolio. There is also optimism around the potential for improving SMB sentiment to support this growth. Lastly, while tax-related headwinds present near-term challenges, there is a belief that these factors will eventually turn favorable, further justifying the Buy rating. Overall, the combination of these elements underpins the positive outlook for Intuit’s stock performance.
Based on the recent corporate insider activity of 107 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INTU in relation to earlier this year.