Goldman Sachs maintained its Sell rating and $304 price target for Intuit Inc. The investment bank cited concerns regarding the company's long-term growth visibility.
Analysts identified potential risks in the tax business due to increasing commoditization. They also questioned the future pricing power of the QuickBooks segment.
During a recent investor day, Intuit highlighted a strategic shift toward artificial intelligence to foster growth. Goldman Sachs remains skeptical that AI can significantly offset the company's moderating base.
The stock has recorded a significant decline year-to-date. Goldman Sachs argues a discounted valuation is warranted given the limited visibility into normalized revenue growth.