New York, Jan 23, 2026, 12:44 PM EST — Regular session
- Intuit shares climbed roughly 2.5% by midday, building on gains from Thursday’s close
- KeyBanc lowered its price target to $750 from $825 but maintained its Overweight rating
- Investors are gearing up for the IRS to kick off the 2026 filing season this Monday
Intuit shares jumped roughly 2.5% on Friday, beating the broader market ahead of next week’s U.S. tax-filing season kickoff.
This shift is crucial since the period around the IRS opening day usually shapes demand for consumer tax software and paid assistance — a major profit driver for Intuit’s TurboTax business.
Intuit recently hovered near $562, after starting the day around $547 and dipping to an intraday low close to $546, per market data. The S&P 500 ETF SPY edged up modestly, with the tech-focused QQQ gaining roughly 0.5%.
On Friday, KeyBanc lowered its price target for Intuit to $750 from $825 but maintained its Overweight rating, according to a Marketscreener report citing an MT Newswires note. (MarketScreener)
A price target reflects an analyst’s forecast for a stock’s trading range in the coming 12 months. When an analyst issues an “overweight” rating, it usually means they anticipate the stock will outperform its peers or the market benchmark.
Investors are keeping an eye on tax-season updates as the IRS announced that the 2026 filing season kicks off Monday, Jan. 26. New tax law changes may impact credits and deductions this year. “The Internal Revenue Service is ready to help taxpayers” fulfill their filing duties, IRS Chief Executive Officer Frank Bisignano said in a release on Jan. 8. (IRS)
That said, caution is warranted. This week, the IRS revealed a leadership overhaul just ahead of tax season. National Taxpayer Advocate Erin M. Collins flagged concerns, noting the IRS workforce is down 26%, which “poses risks to next year’s filing season,” AP reported. (AP News)
Rival tax preparer H&R Block dipped roughly 0.6% on Friday, trailing behind Intuit’s gains.
As returns begin to come in, traders will hone in on early signals from software demand and the uptake of assisted-filing, particularly with the added complexity introduced by new tax provisions.
Still, the scenario could flip. Should early filing numbers disappoint, or if the IRS stumbles on processing and refunds drag, the tax-season trade might unravel fast — and tax-related stocks often react sharply when the outlook changes.
Next on the calendar: Monday’s IRS opening day, Jan. 26, followed by the initial batch of early-season data investors rely on to size up the filing season’s progress.
