Freedom Capital downgraded Intuit from "strong-buy" to "hold" on May 23.
The downgrade follows Intuit's May 20 announcements. The company reported strong third-quarter financial results that beat analyst expectations. Intuit also raised its full-year revenue and earnings guidance.
Intuit also announced a corporate restructuring to simplify its organization and focus on AI. The plan cuts its full-time workforce by 17%. This reduction eliminates approximately 3,000 roles.
Intuit's stock has been under pressure since the layoff news. This market reaction likely influenced the downgrade.