Truist initiates coverage for Intuit with "buy"
Brokerage Truist Securities initiates coverage for Intuit INTU.O with a 'buy' rating and $739 PT, implying 16.6% upside to stock's last close
Financial software co's product suite continues to shift more towards cloud-based, subscription and fintech services, which support strong recurring revenue and margin expansion - Truist
Says INTU has the scale, proprietary data and strategy to benefit from AI
Adds co's $100 mln, multi-year deal with OpenAI could potentially help increase exposure of its financial tools to ChatGPT parent's more than 800 mln weekly users for financial inquiries
INTU marginally up premarket
26 of 32 brokerages covering the stock recommend "buy" or higher, 5 "hold", and 1 "sell" rating; median PT of $819.5 - data compiled by LSEG
INTU had gained 5.4% last year
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