On Friday, Barclays increased its price target for Intuit Inc. (NASDAQ:INTU) from $775 to $815, while maintaining an Overweight rating on the shares.
This adjustment follows Intuit’s robust fiscal Q3 results, which saw strong performances from both Credit Karma and the Consumer segment.
A professional tax preparer, using a laptop to complete an income tax return.
Credit Karma is a personal finance platform, whereas the Consumer segment focuses on individual tax preparation, primarily through TurboTax. Intuit increased its revenue by 15% year-over-year in FQ3 to make $7.8 billion. The Consumer Group revenue alone grew 11% to make $4 billion, with TurboTax Live revenue specifically projected to grow 47%. Credit Karma also showed strong growth, with revenue up 31% due to strength in credit cards, personal loans, and auto insurance.
Intuit Inc. has now raised its fiscal 2025 guidance across multiple metrics. Revenue growth guidance was increased to 15% from the previous 12% to 13%. Barclays particularly noted increased confidence in Intuit’s business strength due to stability returning to the tax division. However, the company anticipates a 1% decline in online TurboTax units this fiscal year, with its share of total returns decreasing by ~1 point.
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This article is originally published at Insider Monkey.
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