UPDATE: Deutsche Bank Starts Intuit (INTU) at Buy

Deutsche Bank analyst Brad Zelnick initiates coverage on Intuit (NASDAQ: INTU) with a Buy rating and a price target of $700.00.

The analyst comments "Intuit’s shift from product to platform is accelerating the company’s pace of innovation, expanding its market opportunity, and ultimately creating a data advantage that we see driving durable teens revenue growth with upside and leverage for many years to come. The company has always been revered and perhaps best known for its category defining brands, QuickBooks and TurboTax, but we believe its strong company culture and management discipline are unique within Software, and are arguably underappreciated. Its multi-category leadership and strong AI expert platform all contribute to our confidence in what we see as the company’s best version of itself in the 12+ years we have covered the stock. Now, as a leading edge FinTech platform company with a customer base measured in 100mn+ consumers, SE’s, and SMBs, Intuit has a competitive data advantage that will continue to create superior customer (and partner) delight. While recognizing our bullish view is broadly in line with consensus, we do believe our platform perspective supports what we appreciate is a premium valuation, though one which we see as warranted given the premium asset quality. Our DCF-based $700 TP translates to 37x FY25 discounted back."

For an analyst ratings summary and ratings history on Intuit click here. For more ratings news on Intuit click here.

Shares of Intuit closed at $625.99 yesterday.

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