Summary

  • Evercore ISI increased its price target on Intuit stock as the company provided an upbeat FY24 guidance.
  • INTU stock price increased 1.6% on August 25, 2023 as brokers upped their price targets on the stock.
  • INTU has a mean recommendation rating of 1.9 on a scale of one to five, as per data available on EODHD/Others.

Accounting software provider Intuit received a price target upgrade from brokers as the company released its guidance for FY24. The company recently reported its Q423 results and provided fiscal 2024 guidance.

As per data available on EODHD/Others, INTU has a mean recommendation rating of 1.9 on a scale of one to five. Here, one represents a ‘strong buy’ rating and five represents a ‘strong sell’ rating. Meanwhile, the consensus mean price target on the stock is US$549.24, which is an upside potential of 5.82% over INTU’s closing price on Friday, August 25, 2023.

INTU Price Chart; Image Source: EODHD/Others

Following the rating upgrade by brokers, INTU stock price jumped 1.6% on August 25, 2023. INTU closed at US$519.05 on August 25, 2023, and hit a 52-week high of US$521.82 on the same day.

Evercore ISI upgrades its price target on INTU

Brokerage Evercore ISI upped its price target on INTU to US$530 on August 25, 2023. The broker also increased the stock to an ‘outperform’ rating on the same day. Evercore ISI stated that Intuit’s guidance helps support a constructive outlook heading into FY24.

Meanwhile, Moffettnathanson also raised its price target on INTU to US$615, the highest among all broker targets, without changing its ‘buy’ rating. Keybanc Capital Markets also increased its price target to US$535, an upside potential of 3.07% over Friday’s closing price.

Stifel Nicolaus bumped the stock to a ‘buy’ rating and increased its price target on INTU to US$550. Broker Oppenheimer also increased its price target on INTU to US$530, while maintaining an ‘outperform’ rating.

EODHD/Others data suggests that a total of 30 analyst have covered the stock. Among these analysts, eight have given it a ‘strong buy’ rating and sixteen have given it a ‘buy’ rating and six have given it a ‘hold’ rating.

Intuit expects FY24 adjusted EPS above analysts’ average expectation

Intuit expects  FY24 adjusted EPS ranging between US$16.17 and US$16.47. Intuit’s forecast is higher than analysts’ average EPS estimate of US$15.95. The quarterly EPS of US$1.65 in Q4 also beat analysts’ expected EPS of US$1.44 for the quarter.

The company posted Q4 revenue of US$2.72 billion, beating expectations of US$2.64 billion. This also marked a 12% increase in the company’s quarterly revenue on a year-on-year basis.

Image source: ©2023 Kalkine®; Data source: Company Reports

Meanwhile, Intuit’s operating income was US$17 million in Q4 2023, as compared to an operating loss of US$75 million in Q4 2022.

Its guidance for full fiscal year 2024 revenue stands between US$15.89 billion and US$16.105 billion. This means that the company expects a growth of 11 to 12 percent in annual revenue. Additionally, the GAAP operating income is expected to grow by 15 to 18 percent.