On June 3, Intuit fell 3.24% in regular trading, trading at $313.005/share with trading volume of $465 million, extending the prior session's decline.
On the news front, the continued selloff is driven by Goldman Sachs downgrading Intuit's rating from Neutral to Sell, with a target price slashed from $519 to $276. The research note cited intensifying competition in the tax software segment, slowing growth in the Mailchimp business, and doubts over the company's ability to deliver on medium-to-long-term earnings guidance. Goldman Sachs further argued that current valuations have not fully priced in these industry headwinds.
Although Intuit has stated that AI-related competitors have not yet eroded its existing market share — a view consistent with industry surveys — and the majority of sell-side analysts maintain Buy ratings, Goldman Sachs' bearish stance significantly deviates from market consensus and continues to suppress stock performance. Year-to-date, the stock has retreated approximately 46%, substantially underperforming the S&P 500's 11% gain over the same period.
(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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