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Fly News Breaks for February 24, 2020
Feb 24, 2020 | 07:47 EDT
Oppenheimer analyst Scott Schneeberger notes that over the weekend the Wall Street Journal reported that Intuit is "nearing a deal" to buy privately-held Credit Karma for about $7B in cash and stock. The analyst would view the proposed transaction favorably and the implied multiple as reasonable. Schneeberger appreciates Intuit's pursuit of growing its consumer finance platform and views the proposed addition of Credit Karma a logical strategic expansion. Although this would handily represent the largest acquisition in Intuit's "mixed" history of sizable acquisitions, the company appears well positioned for such an integration as online personal finance represents a $22B TAM and $78B market cap Intuit possesses a "stout" balance sheet with $1.8B of net cash as of Q1-end, he contends. Schneeberger reiterates an Outperform rating on Intuit shares.
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