Intuit, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Bradley Sills from Bank of America Securities maintained a Buy rating on the stock and has a $800.00 price target.
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Bradley Sills has given his Buy rating due to a combination of factors, primarily focusing on Intuit’s strategic partnership with OpenAI. This collaboration is seen as a significant advantage for Intuit, as it enhances their agentic roadmap by allowing seamless integration with OpenAI’s language models. These models can be utilized in various consumer and small business accounting use cases, potentially accelerating Intuit’s ability to monetize their agents through premium offerings and new SKUs.
Additionally, the partnership includes integration with ChatGPT, which is expected to drive more traffic to Intuit’s platforms like Credit Karma and TurboTax. This integration will enable personalized financial recommendations and solutions, thereby expanding Intuit’s reach and enhancing customer engagement. The multi-year agreement with OpenAI, valued at over $100 million, is anticipated to strengthen Intuit’s competitive position in the AI space, making it a likely winner in the large consumer finance and small business markets.
Sills covers the Technology sector, focusing on stocks such as Oracle, Microsoft, and Salesforce. According to TipRanks, Sills has an average return of 3.4% and a 46.61% success rate on recommended stocks.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $875.00 price target.