Evercore ISI Boosts Intuit (INTU) Price Target on AI Potential and Strong Q3 Growth

On May 24, Evercore ISI analyst Kirk Materne raised his price target for Intuit Inc. (NASDAQ:INTU) from $685 to $785 and kept an Outperform rating. The revision was prompted by Intuit’s strong fiscal third-quarter results, which exceeded forecasts.

Evercore ISI Boosts Intuit (INTU) Price Target on AI Potential and Strong Q3 Growth

Intuit Inc. (NASDAQ:INTU) exceeded the $7.56 billion forecasted for the quarter with total revenue growth of $7.8 billion, a 15% year-over-year increase. Additionally, earnings per share came in higher than expected, at $11.65 as opposed to the projected $10.93. Notably, despite Mailchimp’s continuous difficulties, Online Services in the Global Business Services (GBS) division grew by about 20% year-over-year, in line with projections.

According to Materne, Intuit Inc. (NASDAQ:INTU) had a successful tax season, and the company’s GBS division was expected to do well, particularly if the Mailchimp business could be improved. The analyst also highlighted the potential of Intuit’s new agentic offerings and artificial intelligence monetization as untapped opportunities, especially for mid-market clients.

While we acknowledge the potential of INTU to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk.  If you are looking for an AI stock that is more promising than INTU and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None.