Investing.com — Intuit stock slipped 0.9% in pre-open trading after Piper Sandler initiated coverage of the financial technology giant with an Underweight rating and a $250 price target, the most bearish call currently on the Street, reinforcing concerns about the company’s near-term growth trajectory and competitive positioning in the DIY tax software market.
The Piper Sandler initiation lands on top of an already-fragile analyst backdrop. Stifel had previously cut its rating from Buy to Hold and slashed its price target from $375 to $275, while Goldman Sachs moved to a Sell rating earlier in June.
Prior to today’s new initiation, Intuit carried 27 buy ratings, 6 hold ratings, and just 1 sell rating — a consensus that is now shifting more cautious. Adding to the pressure, multiple plaintiff law firms have launched securities-fraud investigations into the company following a roughly 20% share-price collapse tied to weak fiscal Q3 2026 tax-season results, with TurboTax having lost price-sensitive DIY filers due to uncompetitive pricing.
The broader market is providing no relief today, with the Nasdaq declining 1.6% and the S&P 500 off 0.8%, creating an unfavorable macro environment for high-multiple technology and software names. Intuit’s stock has already shed more than 60% from its 52-week high of $813.70, making it one of the worst performers in the Nasdaq 100 over the past year, even as the company raised its full-year fiscal 2026 revenue guidance and reported solid fundamentals including an 80% gross margin and strong free cash flow.
Taken together, the combination of a new Street-low price target from Piper Sandler, a lingering legal overhang, and a risk-off session across U.S. equity markets has kept Intuit under pressure in pre-market trading, with the stock trading at $287.06 — well below its 52-week high but modestly above its 52-week low of $252.84 as investors weigh deeply discounted valuation against unresolved fundamental and legal uncertainties.
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