Intuit (INTU) reaffirmed fiscal Q1 and fiscal 2027 guidance as the company works to address a drop in TurboTax's do-it-yourself share. RBC Capital Markets said Thursday in a report.

At its investor day, management said DIY share fell 3 points in fiscal 2026, mainly due to price, RBC said. Intuit is leaning on Credit Karma Tax, a free federal filing option with a $15 state product, which is bringing in about 80% incremental users and triple the net-new customer share versus TurboTax overall, the report said.

RBC said 60% of TurboTax defectors are active Credit Karma members, giving Intuit a retention path as it rebuilds its customer funnel.

Fiscal 2027 will be a "transition year," and the company's shares "will need proof points on customer reacceleration to rerate," the report said.

RBC maintained its outperform rating on Intuit stock and its $385 price target.

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