Intuit price target lowered to $406 from $558 at Oppenheimer

Oppenheimer lowered the firm’s price target on Intuit (INTU) to $406 from $558 and keeps an Outperform rating on the shares. The firm notes Intuit’s Q3 outperformed expectations/prompted increased FY26 guidance. However, slightly reduced revenue growth guidance in TurboTax, and a major reduction to Intuit’s workforce were unexpected. There were many favorable attributes overall and in TurboTax’s tax season, such as increased FY26 guidance for the Global Business Solutions and Credit Karma segments, as well as another year of elevated turbotaxlive volume/revenue growth. However, with AI disruption concerns already overhanging, the FY26 TurboTax underperformance and major workforce reduction likely hinder Intuit’s shares, Oppenheimer adds.