KeyBanc raises price target on Intuit following introduction of AI assistant

KeyBanc reiterated an Outperform rating on Intuit Inc (NASDAQ:) and raised their 12-month price target on the stock to $600.00 (From $535.00) after the American software company held a 45-minute virtual “Innovation Day”.

During the event, Intuit introduced the company’s new GenAI-powered assistant, Intuit Assist.

The new program will be integrated into every key business division, including QuickBooks, Mailchimp, TurboTax, and Credit Karma. It will provide valuable business insights, support daily administrative tasks, and offer guidance to both do-it-yourself and TT Live customers.

KeyBanc analysts wrote in a note, “We’re encouraged by the level of innovation across the Intuit platform and view the launch of Intuit Assist as an opportunity to widen the competitive moat and create additional value by extending reach into users’ workflow and financial lives with new/novel experiences.”

The increasing global use of vital back-office and accounting software is bringing in a lot of growth potential. On top of that, Intuit has some unique consumer tax data and a more aggressive approach with its “FinApp” strategy, thanks to the Credit Karma acquisition. This puts Intuit in an exclusive group of companies that are building modern, data-rich cloud platforms focused on digital-first experiences and serving both sides of the market.

Shares of INTU are up 0.32% in morning trading on Thursday.