- The shares of Intuit Inc. (NASDAQ: INTU) have received a $530 price target from BofA Securities. These are the details.
The shares of Intuit Inc. (NASDAQ: INTU) have received a $530 price target from BofA Securities. And BofA analyst Brad Sills is basing this rating on multiple compression across the group along with the company’s strong third-quarter results. Plus Sills raised the FY22 outlook for the company.
Sills pointed out that the third-quarter results suggest sustained demand in the small business group. And there are no signs of macro impact on the company’s SMB base related to inflation. The analyst also maintains a view that Intuit represents a quality growth and margin company.
“Q3 results point to sustained demand in the small business group, with no signs of macro impact to the SMB from inflation or risk of slowing. Small business payment growth of ‘north of’ 30% also backs a healthy SMB demand environment,” wrote Sills in a research note. “Credit Karma upside should somewhat counter concerns for potential interest rate-driven slowdown in this business, with adoption and strength from new offerings such as auto loans again providing incremental growth. In line Mailchimp results suggest that cross-sell with QB remains a work in progress, though 7% quarter-over-quarter growth also suggests a healthy SMB environment.”
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