Scotiabank upgrades Intuit to Outperform, sees outperformance ‘just beginning’

As previously reported, Scotiabank analyst Allan Verkhovski upgraded Intuit (INTU) to Outperform from Sector Perform with a price target of $700, up from $600. While the IRS Direct File program shutting down looks increasingly likely, Intuit has been heads down on disrupting the $35B assisted tax market through local search, timely marketing, and AI-powered Full Service delivering a superior customer experience, which the firm sees translating to 8%-plus Consumer revenue growth in FY25, the analyst tells investors. The stock has been the top performer in the analyst’s coverage since the February 18 drawdown and the analyst believes “this is just the beginning,” the note to investors added.