The company estimates FY24 revenue of $15.89 billion-$16.105 billion vs. the $15.99 billion estimate. Adjusted earnings per share are anticipated to be $16.17-$16.47 vs. the $15.95 estimate.

Maintaining an Outperform rating, Oppenheimer raised the price target to $530 (from $476), Evercore ISI Group to $530 (from $505), and Credit Suisse to $570 (from $500).

Oppenheimer analyst Scott Schneeberger raised estimates for adjusted EPS to $16.32 (from $14.22) for FY24 and $18.28 (from $15.86) for FY25. 

The analyst expects overall organic growth to remain in double-digits in coming years, expecting multi-year double-digit adjusted EPS CAGR through high-single-digit revenue growth in the Consumer tax segment, double-digit revenue growth in the Small Business segment, and high 30s+ margin. 

William Blair analyst Matthew Pfau raised the estimate for revenue to $16.046 billion (from $15.802 billion) and adjusted EPS to $16.36 (from $15.59) for FY24 and $18.183 billion (from 17.804 billion) and $19.09 (from $17.88) for FY25. 

Reiterating an Overweight rating, KeyBanc upped its price target to $535 (from $525) and Piper Sandler to $528 (from $497), while Morgan Stanley maintained its price target at $525. 

KeyBanc analyst Alex Markgraff raised the FY24 revenue estimate to $16.060 billion (from $16.000 billion, vs. consensus of $15.957 billion) on better SBSE growth, partly offset by lower Consumer and Credit Karma revenues. 

The analyst raised FY24 EBIT expectations to $6.237 billion (from $6.108 billion) on continued emphasis on operating expenses efficiency.

On the other hand, Morgan Stanley analyst Keith Weiss lowered the EPS forecast by 3% to $16.43 for FY24 and 3% to $19.41 for FY25. 

Meanwhile, the analyst raised the FY24 revenue estimate by 11.5% to $16.020 billion, assuming growth of 16.4% Y/Y in SBSE, 7.5% Y/Y in consumer, 0% Y/Y in Credit Karma businesses and 3.8% Y/Y in pro-tax.

Reaffirming a Buy rating, B of A Securities increased the price target to $580 (from $530), Stifel to $550 (from $475), Deutsche Bank to $575 (from $525), and Goldman Sachs to $595 (from $565).

Goldman Sachs analyst Kash Rangan expects revenue growth from potential GenAI integrations, B2B payments offering to increase to $4 billion-$5 billion in revenue, improving Mailchimp trends, and expected interest rates cut (starting in CY2Q24) to benefit Credit Karma guidance.

Rangan raised the EPS estimate to $16.46 (from $10.69) for FY24 and $17.83 (from $12.20) for FY25. 

Also, UBS upped the price target to $540 from $520 and maintained a Neutral rating.

Price Action: INTU shares are trading up 4.3% at $520.12 on the last check Friday.