In a report released today, Keith Weiss from Morgan Stanley maintained a Buy rating on Intuit (INTU – Research Report), with a price target of $720.00.
Keith Weiss has given his Buy rating due to a combination of factors that highlight Intuit’s strategic growth initiatives and potential synergies from recent acquisitions. The acquisition of GoCo, a cloud-based Human Resources Information System, is a key factor in Intuit’s strategy to enhance its platform for small to medium-sized businesses. This move is expected to bolster Intuit’s offerings by integrating GoCo’s HR capabilities with Intuit’s existing services, such as QuickBooks and Payroll, creating a more comprehensive solution for managing finances, customer relations, and employee management.
Furthermore, the integration of GoCo’s AI tools with Intuit’s robust data and AI capabilities is anticipated to enhance user experiences and streamline operations, particularly in areas like tax compliance and employee onboarding. These enhancements are likely to increase the value proposition and stickiness of Intuit’s products, providing opportunities for upselling and expanding their market reach. Additionally, the potential for vendor consolidation and advanced financial insights through platforms like Mailchimp and Credit Karma further supports the positive outlook for Intuit’s growth and market position.
In another report released yesterday, HSBC also upgraded the stock to a Buy with a $699.00 price target.