Intuit Stock Tumbles After Tax Season Update Disappoints
Summary
Investors treated Intuit stock with the disdain they reserve for the Internal Revenue Service on Friday after the TurboTax software maker gave an update on the 2019 tax season. "We now expect full-year fiscal 2019 Consumer Group revenue growth of approximately 10%, at the high end of our previous guidance range of 9 to 10%," Chief Financial Officer Michelle Clatterbuck said in a news release . The stock cut through its 10-week moving average line and erased a good chunk of gains that followed its Feb. 15 breakout. KeyBanc Capital Markets analyst Josh Beck reiterated his overweight rating on Intuit stock, but trimmed his price target to 280 from 285. William Blair analyst Matthew Pfau said Intuit stock was priced for better TurboTax results.
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