Jefferies cuts Intuit target, says earnings selloff ‘seems harsh’

Jefferies analyst Brent Thill lowered the firm’s price target on Intuit (INTU) to $550 from $650 and keeps a Buy rating on the shares. The firm says its expectations for a big tax beat in fiscal Q3 proved incorrect. However, the stock’s reaction “seems harsh” for a one point lower fiscal 2027 guide for tax, the analyst tells investors in a research note. Jefferies believes Intuit shares should “bounce back.” The shares more than reflect AI concerns, contends Jefferies, which finds it “hard to see” the Intuit drop below the $280 level, or a below 10-times price-to-earnings ratio. Intuit shares in premarket trading are down 13%, or $49.58, to $334.35.