BUZZ-Truist initiates coverage for Intuit with "buy"

Reuters01-06
BUZZ-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

(Reporting by Arnav Mishra in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))

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