Intuit (INTU) PT Lowered to $500 at Mizuho

Mizuho analyst Siti Panigrahi lowered the price target on Intuit (NASDAQ: INTU) to $500.00 (from $600.00) while maintaining a Outperform rating.

The analyst comments "INTU's shortfall in TurboTax weighed on shares (-20% vs. IGV -1%); see our FQ3 review here. Significantly better-than-expected TT Live growth (+36% Y/Y) alongside worse-than-expected Standard/low-end-DIY growth (down ~mid-teens Y/Y) flips the TurboTax growth algorithm to TT Live far sooner than expected. Tax bull case remains intact; durable long-term growth driven by TTL and assisted tax category (TAM of $37B, >7x larger than DIY). Beyond tax, GBSG online ecosystem is on track for ~19% growth with mid-market in the low-40/high-30s. Recent QB workforce/payroll price increases (see here), alongside upcoming QB accounting price increase should support FY27 growth narrative. A 17% RIF, margin expansion and aggressive buybacks underpin 20% non-GAAP EPS growth in FY27. Reiterate Outperform, lower PT to $500 from $600."

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