Intuit: We like the stock ahead of F3Q

研报英文原文证据摘录

Intuit: We like the stock ahead of F3Q

Deutsche Bank

Research

Rating Company Date

Buy Intuit 13 May 2026

North America Reuters Bloomberg Rating Buy

United States INTU.OQ INTU US Price target (USD) 600.00 Price at 12 May 26 387.74

52-week range 807.39 – 350.94

TMT

Software Valuation & Risks

We like the stock ahead of F3Q

Brad Zelnick

We reiterate our Buy rating ahead of F3Q as we expect Intuit to outperform on Research Analyst

+1-212-250-8563 both revenue and profitability, led by a solid tax season. This should enable

management to increase FY26 guidance across the board, driving positive Bhavin Shah, CFA

estimate revisions exiting the event. Against investor sentiment that is Research Analyst

increasingly concerned about the medium-term impact of AI on the SMB and Tax +1-212-250-6775

businesses, we believe the quarter should quell any near-term fears and we look

Nick Giovacchini for commentary on both GBS and Consumer to help support medium-term Research Associate

growth stability. On this we look to: (1) usage and adoption of Agents amongst +1-212-250-9075

the SMB base; (2) momentum with QuickBooks Advanced and IES; and (3) share

gains of TurboTax full service from assisted channels. Chris Fountain

Research Associate

We expect TurboTax results to indicate FY growth of ~9% y/y, slightly above the +1-212-250-1575

high end of guidance based on recent analysis of our proprietary taxpayer survey,

IRS taxpayer data, Bloomberg Alternative data, TurboTax reviews and other data

sources. We expect commentary on Live Assisted and Full Service adoption to be

important to investor perception of the long-term tax opportunity, and Intuit's

ability to grow closer to the high end of its 6-10% medium-term range. As for GBS,