Recent developments from OpenAI, the creator of ChatGPT, are poised to revolutionize the financial sector. Financial services providers must now adapt to the capabilities of ChatGPT, which offers personalized assistance on tax, business, and cash flow management. This AI integration can streamline loan and mortgage processes by matching individuals with suitable options. Intuit (INTU) has already embraced this change, forming a partnership with OpenAI worth over $100 million, thereby integrating its popular applications—TurboTax, QuickBooks, and Credit Karma—within the ChatGPT platform. Despite a challenging year for Intuit’s stock, which has dropped about 20% since July and now trades at a high forward P/E ratio of 103.35x, analysts remain optimistic. A majority of them have rated Intuit a “Strong Buy,” anticipating potential price targets of $835.46 and $971, representing significant upside potential. The integration with ChatGPT is expected to enhance Intuit’s growth trajectory amidst competition from firms like FreshBooks and NerdWallet.
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