Movement Alert｜Intuit Rises 3.05% in Regular Trading, Defying Multiple Analyst Downgrades on SaaS Sector Rotation

Market Focus07-29

On July 29, Intuit rose 3.05% in regular trading, trading at $324.48/share, with turnover of $132 million. The stock extended its rally to a third consecutive day despite TD Cowen downgrading the stock to Hold and slashing its price target to $304 on the same day.

The downgrade follows Morgan Stanley's July 21 cut from Overweight to Equal Weight with a target reduction from $580 to $335, citing AI disruption risks to the TurboTax business and pressure on upcoming fiscal Q4 guidance. Despite the concentrated wave of downgrades, Intuit has climbed from $305.78 on July 27 to current levels, buoyed by a broader SaaS sector rotation as funds shifted from semiconductor stocks into software names. Morgan Stanley noted in a separate report that prior software sector declines were excessive, maintaining a positive sector outlook.

Within the Application Software sector, Adobe rose 3.68%, Salesforce.com gained 1.95%, while IREN Ltd fell 5.85% and Palantir Technologies declined 0.43%.

(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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