Benzinga | Nov 19, 2021 09:16AM EST

Analysts Lift Price Targets On Intuit Post Q1 Success; See Up To 34% Upside

Analysts bumped up price targets on Intuit Inc (NASDAQ: INTU) following Q1 beat and robust outlook. Goldman Sachs analyst Kash Rangan upgraded to Buy from Neutral with a PT of $840, up from $535, implying a 33.6% upside. The analyst cites the "strong" fiscal Q1 report with "beats across all key metrics and an organic raise" for the upgrade. Intuit will approach fiscal 2024 with $17 billion of revenue and 38%-40% operating margins, similar to Adobe Inc (NASDAQ: ADBE) in fiscal 2021 at $16 billion of sales and mid-40%s operating margins at 1.8 times the market cap.

* Piper Sandler analyst Arvind Ramnani reiterated an Overweight and raised the PT from $621 to $770, implying a 22.4% upside.

* KeyBanc analyst Josh Beck affirmed an Overweight and raised the PT from $625 to $750, implying a 19.2% upside.

* Intuit posted a quality beat topping Street estimates excluding Mailchimp.

* The analyst sees the potential for better than expected consumer/SMB synergies across a unique FinTech/Software platform.

* Barclays analyst Raimo Lenschow raised the PT to $802 from $710 and maintained an Overweight, implying a 27.5% upside.

* Intuit reported its most prominent beat to consensus revenue numbers "in recent memory" in a quarter without shifting tax deadlines.

* The analyst encourages investors to look beyond the near-term profitability headwinds Mailchimp brings.

* Mizuho analyst Siti Panigrahi raised the PT to $730 from $640, implying a 16.1% upside, and kept a Buy.

* The company posted an "across-the-board stellar" fiscal Q1 via strength in QuickBooks and Credit Karma.

* The analyst is also encouraged by Mailchimp guidance of $760 million -$770 million for the remaining fiscal 2022.

* Deutsche Bank analyst Brad Zelnick raised the PT to $780 from $700, implying a 24% upside, and kept a Buy.

* The company's "very impressive" fiscal Q1 results showcase that its product-to-platform evolution is "manifesting in strong fundamentals and financials."

* Oppenheimer analyst Scott Schneeberger raised the PT to $696 from $584, implying a 10.7% upside, and kept an Outperform.

* The relatively resilient Consumer/ProConnect segments were consistent with expectations in seasonally-light Q1, while the Small Business segment was the primary Q1 upside driver with Credit Karma also contributing.

* Price Action: INTU shares traded higher by 13.4% at $713.5 in the premarket session on the last check Friday.