INTU - Intuit: Buy The Dip After Strong Q1 And Reassuring FY21 Guidance

• Intuit released results Thursday night, and its shares are down 3%; competitor Sage' shares closed down 13% in London after their results.
• While some weakness was visible after COVID-19's impact in the last few quarters, Intuit's long-term structural growth remains intact.
• Small Business & Self-Employed revenues grew 12.9% year-on-year, including online revenues growing 24.0% - a display of Intuit's resilience.
• Despite macro uncertainty, management was able to give FY21 guidance, including revenue growth of 8-10% and EBIT growth of 11-13%.
• At $350.75, shares are expected to deliver a total return of 53% (12.3% annualized) by July 2024, in just under 4 years. Buy.

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