Intuit Inc. (NASDAQ:INTU) is one of the best big tech stocks to buy according to Wall Street analysts.
Stifel downgraded Intuit Inc. (NASDAQ:INTU) to Hold from Buy on June 17, with the firm bringing the price target on the stock down to $275 from $375
The firm believes that management will lower its near-medium-term growth targets for both TurboTax and GBS with fiscal Q4 results or September Analyst Day commentary. It further told investors in a research note that after years of taking price, the company has moved to a more value-based pricing strategy, especially at the lower end of each business segment, to help stall the recent share erosion. In a separate development, Goldman Sachs downgraded Intuit Inc. (NASDAQ:INTU) to Sell from Neutral on June 2, bringing the price target on the stock down to $276 from $519.
The firm told investors in a research note that it believes consensus estimates are likely too high for the next three years, and that the company may have to revise its long-term growth targets lower. Goldman Sachs further stated that downward estimate revisions are likely to weigh on the stock over the next several quarters before the market adjusts to an updated growth algorithm of 5%-10% sales growth for Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions.