Shares of Intuit closed at an all-time high of $82.20 Friday and are up 7.7 percent this year, compared with the 1.6 percent rise of the broader market.
Intuit investors watch tax season very closely. That’s because the company makes TurboTax, Quicken and other financial software. The start of e-filing was delayed this year, until Jan. 31, because the Internal Revenue Service needed time to prepare after the government shutdown in October. Even so, the delay is not expected to impact Intuit’s full-year results.
The IRS says 24.9 million taxpayers have already prepared their own returns online this tax season. That reflects an increase of 7.5 percent over the same period last year.
TurboTax is a flagship product, but Intuit generates roughly half of its revenue from small business customers. In addition to QuickBooks financial software, it offers payroll products and services, as well as credit and debit card processing.
Financial analysts are split on the stock, but Citi Research recently upgraded to a “Buy” and set a price target of $94.00.Associated Press
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