Goldman Sachs and Stifel analysts recently downgraded Intuit stock. These firms lowered their price targets due to long-term AI threats to the TurboTax business.
New low-cost AI platforms threaten Intuit's market dominance and pricing power. These competitive pressures contributed to a significant share price decline in 2026.
Intuit announced a 17% workforce reduction to pivot toward AI development. The company confirmed this strategic shift in May.