Financial and accounting software maker Intuit Inc's. (NASDAQ: INTU) differentiated product offering, large customer base, proprietary tech stack and focus on innovation and customers have positioned the company for superior revenue growth and margin expansion, according to Piper Sandler.
The Intuit Analyst: Arvind Ramnani initiated coverage of Intuit with an Overweight rating and $351 price target.
The Intuit Takeaways: Intuit is a leading fintech provider with a customer base of more than 50 million and an overall target addressable market of $250 billion, Ramnani said in a Thursday initiation note.
Intuit has enhanced its artificial intelligence capabilities by integrating data on a single platform, the analyst said.
"We believe the company’s ability to drive growth is contingent upon a continued shift towards an advantaged digital ecosystem."
Intuit’s pending acquisition of Credit Karma will be transformative for the company, as it accelerates core growth opportunities, he said.
M&A is an instrumental strategy for Intuit's growth and "future investments can be made in tangential/supporting technology and in new customer markets," Ramnani said.
INTU Price Action: Shares of Intuit were down 2.31% at $300.13 at the close Friday.
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