Intuit upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Intuit (INTU) to Overweight from Neutral with a price target of $660, up from $640. The shares have underperformed to such an extent that the stock currently trades below where it was 3.5 years ago when the term “transitory inflation” was retired in November 2021, the analyst tells investors in a research note. The firm says Intuit has innovated and executed “quite well,” with most of the stock’s underperformance stemming from a valuation reset. For or a company projected to grow revenue 12% this fiscal year with expanding margins and a “sticky” revenue stream, the shares do not trade at much of a growth-adjusted premium to the S&P 500, contends JPMorgan. It believes Intuit’s share underperformance has created an attractive entry point.