Intuit (INTU): Investor Day: Signs of Evolving Strategy; It May Be Too Early to Call a Trough – Goldman Sachs

Key Takeaways

• 1.Goldman Sachs maintains a Sell rating on Intuit with a $304 12-month price target, citing low revenue visibility and the risk that newer growth areas cannot offset a moderating base.
• 2.Intuit is shifting to a barbell strategy with free/cheaper entry tiers and mid-market 'Big Bets', but DIY tax customer churn to competitors accelerated in FY26.
• 3.AI poses commoditization risks to consumer tax returns as compute costs trend toward pennies, while adoption of new AI-native features and agent studio tools remains in early stages.

Table of Contents

• Key Data
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Key takeaways:
• Intuit App Downloads Update
• Valuation & Risks

Report data

Exhibit 2: But Intuit's growth has skewed toward Price/Mix over time at the expense of volume, which necessitates expanding the TAM/top of funnel — as of September 23, 2026.