$650 price target and buy rating

  • Shares of Intuit Inc. (NASDAQ: INTU) received a price target of $650 from BofA Securities. These are the details.

Shares of Intuit Inc. (NASDAQ: INTU) received a price target of $650 from BofA Securities. And BofA Securities analyst Brad Sills reiterated a “Buy” rating on the stock.

Sills adjusted the rating after the company announced better-than-expected second-quarter results and its outlook for FY21.

The company reported total revenue of $2.673 billion, up 70% year-over-year. And that figure topped the company’s pre-announced $2.66 billion — $2.665 billion.

Intuit’s small businesses (QuickBooks and Mailchimp) reported revenue of $1.681 billion, up 47% year-over-year and topping the $1.578 billion reported mid-term.

“We are looking for further upside (Credit Karma) in the third fiscal quarter, driven by additional filers’ conversion (TurboTax), delivering a significant upside over the fiscal quarter last year,” Sills wrote in a note. of research. “Mailchimp’s online revenue ($240 million vs. our $235 million) suggests synergies from the combined QB offering are likely to occur as a co. integrates both offers. No change in our long-term view that Intuit is well positioned for strong organic teen growth through sustainable market share gains and ASP growth in major QuickBooks and TurboTax franchises with additional scale.

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Eleanor C. William