Intuit Sees Later Start to Tax Season, Raises EPS Outlook on Tax Act; Shares Overvalued
Intuit issued a brief statement Feb. 9 that highlighted a late start to the tax season. The company noted that the IRS opened six calendar days later than last year, and as a result, Intuit's consumer tax returns were down 6% relative to the prior year. The late start to tax season has no impact on our full-year outlook for Intuit or the company's competitive position. The issue is merely a timing difference with tax revenue slipping from the second quarter to the third quarter. The company upda...
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