On July 6, Intuit fell 3.12% in regular trading, trading at $265.675/share, with turnover of $181 million. The stock encountered significant resistance after rebounding to the $275 area in early July, precisely at the target price ceiling set by two major investment banks.
On the news front, Goldman Sachs previously downgraded Intuit from neutral to sell, slashing its price target to $276, while Stifel also downgraded from buy to hold with a reduced target of $275. Earlier in June, Goldman Sachs cited weakening fundamentals, intensifying competition in the tax software space, and decelerating Mailchimp growth as key concerns, noting that the market questions the company's ability to deliver on medium-to-long-term guidance. Despite Q3 earnings showing revenue of $8.6 billion, up 10% year-over-year, and non-GAAP diluted EPS of $12.80, also up 10%, with full-year revenue guidance raised to $21.341–$21.374 billion, the concentrated sell-side downgrades continue to suppress valuation recovery. The stock has declined approximately 46% year-to-date, significantly underperforming the broader market.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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