Morgan Stanley believes one major software company is entering a very strong growth phase. The firm says this company could eventually double its revenue, earnings, and even its stock price.
The company in focus is Intuit. According to Morgan Stanley analyst Keith Weiss, Intuit now has a clear path to 20% growth in the coming years. This growth is expected to come from two fast expanding areas. One is Mid Market Accounting. The other is Assisted Tax services.
Morgan Stanley estimates these two markets are massive. Mid Market Accounting alone is valued at $89 billion. Assisted Tax services add another $37 billion opportunity.
Early numbers already look strong. Intuit’s Mid Market business grew 40% year over year in fiscal 2025. TurboTax Live grew even faster at 47% during the same period.
Weiss believes that if Intuit keeps executing well, total revenue growth could reach 20% by fiscal 2030. He says the market is not fully pricing this in yet.
Right now, Intuit trades at 22 times next twelve months earnings. Morgan Stanley points out that this is the cheapest valuation the stock has seen since 2014.
If Intuit hits that 20% growth mark, Morgan Stanley says it unlocks what it calls the Triple Double scenario. That means revenue doubles. Earnings double. And the stock price doubles too.
The bank expects Intuit’s revenue to grow from $19 billion in fiscal 2025 to $43 billion by 2030. Earnings per share are forecast to rise from $20 to $53.
Using a conservative valuation, Morgan Stanley estimates the stock could rise from $535 today to $1,300 by 2030. That would translate to nearly 20% annual returns.
Morgan Stanley says Intuit at current levels offers a rare opportunity. It calls the company one of the most durable software businesses in the market. The firm has raised its bull case price target to $1,050, which is close to 100% upside from current prices.
