Morgan Stanley confident this software stock could double in value

Investing.com -- Morgan Stanley stated in a note Wednesday that there is one software name entering “the early days of two compelling product cycles” that could ultimately double the company’s revenue, earnings and stock price.

Analyst Keith Weiss argues that Intuit (NASDAQ: INTU) now has a “credible path to 20% growth,” driven by expansion into Mid-Market Accounting and Assisted Tax, two markets the firm sizes at $89 billion and $37 billion, respectively.

The bank highlights Intuit’s strong early momentum. According to Morgan Stanley, the company grew its Mid-Market segment 40% year over year in fiscal 2025, while TurboTax Live expanded 47% year over year.

Weiss writes that continued execution across these initiatives puts Intuit “on an increasingly viable path to 20% total revenue growth in FY30,” a scenario he says is not reflected in the stock’s current valuation at “22X NTM P/E, the cheapest Intuit has traded at since 2014.”

Achieving 20% growth, Morgan Stanley says, would unlock what it calls the “‘Triple Double’ Bull Case” of doubling revenue, doubling EPS and doubling the stock price.

The firm forecasts revenue rising from $19 billion in fiscal 2025 to $43 billion in FY30, while EPS increases from $20 to $53. Using what it calls a conservative multiple, Morgan Stanley estimates Intuit’s stock could climb from $535 today to $1,300 by FY30, generating a roughly 20% annual return.

“We believe Intuit trading at 22X NTM P/E is an exceptional opportunity to own one of the most durable franchises in all software,” the bank writes, raising its bull-case valuation to $1,050, nearly 100% upside from current trading levels.

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