OpenAI partnership removes an overhang on Intuit, says Evercore ISI

After Intuit (INTU) announced a multi-year, strategic partnership with OpenAI, Evercore ISI believes this announcement is important for “two main reasons.” For one, it indicates that OpenAI is looking to bring its models to market with leading Independent Software Vendors, as opposed to in direct competition with them, which helps remove an overhang that was keeping long-term investors on the sidelines. In addition, it meaningfully expands Intuit’s distribution reach and potentially helps democratize the adoption of the company’s agentic offerings with OpenAI’s roughly 700M monthly active users, says the analyst, who has an Outperform rating and $875 price target on Intuit shares.