Investing.com -- TD Cowen has downgraded Intuit to Hold from Buy, with the firm's analyst Jared Levine citing a near-term catalyst path that he sees skewing more negative than positive and limiting a recovery in the shares. TD Cowen pointed to a challenging setup for the upcoming fourth-quarter print, no needle-moving announcements expected at September's investor day, and persistent overhangs from perceived AI risks and competitive intensity. With the fourth-quarter report due in August, TD Cowen expects Intuit to guide fiscal 2027 revenue below consensus and its long-term target of 10%-plus, and to cut long-term growth targets for its Global Business Solutions and TurboTax units. TD Cowen flagged sustained fund outflows from the AI trade as the primary risk to its now-neutral view. Related articlesTD Cowen downgrades Intuit on more negative near-term catalyst pathApple briefly hits $5 trillion market cap, second ever after NvidiaEssilorLuxottica falls as first-half revenue misses estimates