Intuit Downgraded to Hold, Stifel Slashes Target on Pricing Strategy Shift

Stifel downgraded Intuit (NASDAQ:INTU) from Buy to Hold. The firm slashed its price target for the stock from $375 to $275.

Analysts cited concerns over a shift to a value-based pricing strategy. This move follows years of aggressive price increases and aims to curb market share losses at the lower end of the business.

Stifel expects management to reduce growth guidance during fourth-quarter results or the September analyst day. The firm lowered its own revenue and earnings per share estimates to reflect lower growth targets for TurboTax and QuickBooks.