Intuit (INTU) posted a fiscal Q3 beat and raised its fiscal 2026 guidance, but weaker TurboTax trends and a 17% workforce reduction are likely to weigh on the stock, Oppenheimer said in a note Thursday.

The firm said consumer segment revenue beat expectations, helped by Credit Karma, while TurboTax fell short on a roughly 2 million decline in paper filers across the tax system and weaker DIY execution.

Oppenheimer said Global Business Solutions was largely in line with expectations, with revenue up 15% and Online Ecosystem revenue up 19%.

The company's 17% workforce reduction added to a mixed tone, analysts noted.

Oppenheimer maintained its outperform rating on Intuit, while lowering its price target to $406 from $558.

Intuit shares were nearly 20% lower in Thursday trading.

Price: 308.03, Change: -75.90, Percent Change: -19.77