By Senad Karaahmetovic

Intuit Premarket trading on Wednesday saw shares rise almost 3 percent after NASDAQ reported higher than anticipated Q3 adjusted earnings per share and gave positive guidance.

The adjusted Intuit Q3 EPS was $7.65, up from $6.07 the previous year and exceeding the consensus estimate of $7.57. Intuit Q3 adjusted EPS of $7.65 was higher than $6.07 in the year-ago period and up 35% YoY, exceeding analysts’ consensus estimates of $5.51 trillion.

Intuit anticipates an adjusted earnings per share of between $0.94 and $1 for this quarter. Analysts were expecting $0.93 per share. It expects that Q4 revenues will fall between -8 and -9 percent.

Intu anticipates FY adjusted earnings of between $11.68 and $11.74, an increase of approximately $11.48 from $11.64 and higher than analyst estimates of $11.65 per shares. Intuit projects FY revenue between $12.63 billion and $12.67 billion. This is an increase from the $12.17 billion-to $12.30 billion projections of analysts.

Brad Reback, a Stifel analyst, has reduced the price target from $580.00 at $580.00 to $465.00 per Share to reflect multiple compression.

“The company benefited from a solid, albeit not great (total returns filed with the IRS declined 3% YoY due to difficult covid comps), tax season as well as continued Credit Karma strength and healthy Small Business dynamics within the QuickBooks and MailChimp franchises,” Reback told clients in a note.

Analysts expect INTU to surpass its peers in future.

Daniel Jester, a BMO analyst said that results are better than expected. An analyst at BMO Daniel Jester also reduced the price target from $550.00 to $475.00 per shared.

“We think the quarter highlighted the resiliency of the platforms, which we anticipate will continue to be tested given numerous uncertainties facing small businesses,” Jester wrote.