On May 27, Intuit rose 3.15% in regular trading, trading at $313.525/share, with trading volume of $873 million. The stock rebounded after touching a 52-week low of $302.36 following a cumulative decline of over 25% since its fiscal Q3 earnings release.
The prior selloff was triggered by Q3 revenue of $8.56 billion, slightly missing the $8.61 billion consensus, marking its slowest growth rate (10% YoY) since 2024. The company also announced a 17% global workforce reduction and cut TurboTax fiscal year revenue growth guidance from 8% to 7%. Despite these headwinds, multiple institutions maintained positive ratings while lowering target prices: Citi cut to $591 (Buy), Mizuho to $500 (Outperform), Daiwa to $500 (Buy), and Argus to $480 (Buy). RBC Capital Markets noted that AI opportunities remain larger than TurboTax risks, with TurboTax Live customers and revenue expected to grow strongly, while a leaner cost structure should support medium-to-long-term performance. Oversold technical conditions combined with institutional buy signals drove the short-term rebound.
(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.)
Comments