Argus Lifts Intuit Target to $480 with 55.8% Upside After Q3 Beat
Argus raised Intuit’s price target to $480, implying 55.8% upside after a 20% plunge, following Q3 revenue of $8.60 billion (+10%) and non-GAAP EPS of $12.80 (+10%). Intuit cut 17% of workforce, flagged weaker TurboTax outlook and plans expanded buybacks alongside FY26 revenue guidance of $21.34–21.37 billion and EPS of $23.80–23.85.
1. Price Target Raised to $480
Argus increased its price target for Intuit to $480, implying a 55.8% upside from recent levels after a 20% stock drop, reflecting confidence in the company's growth trajectory.
2. Strong Q3 Results
Intuit reported Q3 revenue of $8.60 billion, up 10% year-over-year, and non-GAAP EPS of $12.80, also up 10%, driven by growth in tax services and mid-market solutions.
3. Workforce Reduction and TurboTax Outlook
Management announced a 17% reduction in headcount to realign resources toward strategic initiatives, while signaling a weaker-than-expected outlook for TurboTax.
4. FY26 Guidance and Capital Returns
Intuit reiterated FY26 revenue guidance of $21.34–21.37 billion and non-GAAP EPS of $23.80–23.85, and plans to expand its share buyback program along with dividend increases.