(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation on Intuit with a price target raised from $525 to $600, noting that the stock trades on an EV/EBITDA ratio of 22 times, below its average over five years 30 times.
Looking ahead to the results of the accounting and tax software publisher for its last quarter of 2023, the broker indicates that it expects conservative objectives for the 2024 financial year and remains below consensus expectations.
‘Overall, we are positive for 2024 due to a possible macro soft landing, small business resilience, an easy tax comparison base and a potential tailwind from AI’ , he says, however.
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