Bank Of America Feels Upbeat On Intuit Inc. Following Investor Meetings

In a report published Friday, Bank of America analyst Kash Rangan reiterated a Buy rating and $93.00 price target on Intuit Inc. INTU. In the report, Bank of America noted, “We hosted investor meetings with Intuit CEO Brad Smith and VP of Investor Relations Matt Rhodes in San Francisco. Management comments reinforced our belief that the cloud transition acceleration is the correct strategy, and that INTU will execute as planned – management cited its corporate history of fighting 27 previous competitive battles and studying each one to glean insight for its current situation. The company's strategy appears to be almost Amazon-like, with very competitive pricing upfront to prevent competitors from winning share, while still increasing customer LTV through additions to its product ecosystem.” Intuit closed on Thursday at $82.26.