Movement Alert｜Intuit Rises 3.16% in Regular Trading, Technical Rebound After 20% Plunge Supported by Institutional Buy Ratings

Market Focus05-23

On May 22, Intuit rose 3.16% in regular trading, trading at $317.57/share, with trading volume of $20.27 billion. The stock rebounded after plunging over 20% in the prior session — its largest single-day decline since 2003 — triggered by Q3 revenue growth slowing to a two-year low, a TurboTax annual guidance cut, and a 17% workforce reduction announcement.

On the news front, RBC Capital Markets issued a note stating that Intuit's AI opportunity remains larger than TurboTax risks. The firm highlighted that TurboTax Live customers and revenue are expected to maintain strong growth, and a leaner cost structure should support the company over the medium to long term. BMO Capital maintained an Outperform rating with a $412 target, while Susquehanna kept a Positive rating with a $550 target. According to FactSet, Intuit carries an average analyst rating of Buy with a mean price target of $515.55, suggesting substantial upside from current levels despite the recent selloff.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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