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Intuit Stock Gains After Earnings Beat, Analysts Say Results Better-than-Feared

Stock Markets May 25, 2022 13:00
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By Senad Karaahmetovic

Intuit (NASDAQ:INTU) shares are up almost 3% in premarket trading Wednesday after the company reported better than expected Q3 adjusted EPS and issued upbeat guidance.

Intuit reported Q3 adjusted EPS of $7.65, compared to $6.07 in the year-ago period and topping the consensus estimates of $7.57. Net revenue came in at $5.63 billion, up 35% YoY and above the analyst consensus of $5.51 billion.

For this quarter, Intuit expects adjusted EPS in the range of $0.94 to $1, while analysts were looking for $0.93 per share. The company expects Q4 revenue to be down -8% to -9%.

On a full-year basis, Intu expects FY adjusted EPS in the range of $11.68 to $11.74, up from $11.48 to $11.64, and above the analyst expectations of $11.65 per share. Intuit forecasts FY revenue in the range of $12.63 billion to $12.67 billion, up from $12.17 billion to $12.30 billion, while analysts were projecting $12.32 billion.

Stifel analyst Brad Reback cut the price target to $465.00 per share from $580.00 to reflect multiple compression.

“The company benefited from a solid, albeit not great (total returns filed with the IRS declined 3% YoY due to difficult covid comps), tax season as well as continued Credit Karma strength and healthy Small Business dynamics within the QuickBooks and MailChimp franchises,” Reback told clients in a note.

Going forward, the analyst expects INTU to outperform its peers.

BMO analyst Daniel Jester said results were better than feared. The analyst also cut the price target to $475.00 per share from $550.00.

“We think the quarter highlighted the resiliency of the platforms, which we anticipate will continue to be tested given numerous uncertainties facing small businesses,” Jester wrote.

Intuit Stock Gains After Earnings Beat, Analysts Say Results Better-than-Feared
 

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