Intuit stock expected to hit new highs after strong revenue and earnings growth

From Nasdaq: 2024-05-22 14:33:00

Intuit (INTU) stock has outperformed the Zacks Tech sector and is expected to hit new all-time highs when it reports Q3 FY24 results on May 23. Intuit’s revenue has seen double-digit growth, reaching over $14 billion in FY23. The company serves a wide range of customers across multiple financial service segments.

Intuit is set to continue its growth streak, with projected revenue increases of 12% in FY24 and FY25. The company’s adjusted earnings are also expected to grow by 14% in 2024 and another 15% in the following year. INTU stock has shown impressive performance over the past two decades, beating out tech giants like Microsoft and Apple.

With a forward 12-month earnings multiple of 51.7X, Intuit is not a value stock, but it is still trading at a 40% discount to its 10-year highs. The company has consistently delivered strong growth, with Wall Street largely supporting its stock. Intuit also offers a dividend yield of 0.5% as a bonus to investors.

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Read more at Nasdaq: Intuit Earnings: Buy This Surging Tech Stock Now and Hold?