Intuit Inc. (NASDAQ:INTU) reported robust results for its fiscal first quarter and significantly raised it guidance for fiscal 2022.
Intuit’s fiscal first-quarter results highlight the company should be able to sustain its organic durable growth in the mid to high teens, according to BofA Securities.
The Intuit Analyst: Brad Sills maintained a Buy rating for Intuit, while raising the price target from $640 to $820.
The Intuit Thesis: The company’s prospects are driven by “accelerating trends” in its QuickBooks and CreditKarma businesses, Sills said in the note.
“QB upside from the recent price increase (and solid subs growth) underscores pricing power in the business. We estimate monthly QBO ASP of only $32 for a mission-critical accounting system, leaving ample room for ongoing price increases,” the analyst wrote.
“CK continues to surprise to the upside, led by a flywheel effect in the credit scoring and referral engine applied to a growing list of services, now spanning personal loans, auto loans credit card and insurance,” he added.
INTU Price Action: Shares of Intuit had risen by 9.55% to $688.59 Friday at publication.
Image: Courtesy Intuit
