Intuit (INTU) Stock: $635 Price Target And Overweight Rating

By Amit Chowdhry ● Apr 28, 2022
  • The shares of Intuit Inc. (NASDAQ: INTU) have received a $635 price target from Wells Fargo. These are the details.

The shares of Intuit Inc. (NASDAQ: INTU) have received a $635 price target from Wells Fargo. And Wells Fargo analyst Michael Turrin is maintaining an “Overweight” rating on the shares.

Turrin adjusted the rating while noting that with the filing deadline has passed, the TurboTax performance metric relative to expectations is increasingly top of mind for investors –  especially given a couple of upcoming catalysts are likely to dictate near-term performance for the company. 

Plus Turrin conducted multiple surveys of U.S. filers in an attempt to evaluate trends for this segment. And the results suggest that the 2021 tax growth is likely more heavily tilted toward price and that fiscal 2022 results for this segment could prove closer to targets than in recent history. 

With shares having pulled back over 30% year-to-date, Intuit increasingly more diversified, and a profile that Turrin sees as relatively more defensive for software, he would aim to take advantage of any post-tax season trade-off were upon opportunities surfacing.

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