Intuit (INTU – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Bradley Sills from Bank of America Securities reiterated a Buy rating on the stock and has a $740.00 price target.
Bradley Sills has given his Buy rating due to a combination of factors that highlight Intuit’s strong performance and growth potential. The company reported impressive second-quarter results, with significant growth across its business lines, particularly in Credit Karma, which saw a notable year-over-year increase. This growth was driven by robust performance in core areas like personal loans and credit cards, as well as emerging sectors such as auto insurance.
Additionally, Intuit’s enterprise suite is gaining traction in the mid-market, with products like QuickBooks Online Advanced and the Intuit Enterprise Suite showing strength. The company’s efforts to enhance its TurboTax offerings, including TurboTax Live and Full Service, are also promising, with initiatives aimed at improving customer satisfaction and streamlining processes. These factors, combined with Intuit’s leading position in small business and consumer finance, underpin the Buy rating, despite a slight reduction in the price objective due to market conditions.
In another report released today, Morgan Stanley also upgraded the stock to a Buy with a $730.00 price target.
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.