Shares of Intuit Inc. (INTU  ) tanked in the premarket on Wednesday, after the company reported downbeat revenues as part of its fiscal third-quarter results.

The report came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.

BMO Capital Markets On Intuit

Analyst Daniel Jester maintained an Outperform rating, while raising the price target from $462 to $485.

"FY Consumer tax growth is now tracking ~4pts lower than expected," which overshadowed an otherwise strong quarter, Jester said in a note.

Intuit's missed expectations were mainly due to "unexpected share loss in the DIY channel assumed from exiting stimulus filers," the analyst stated. "The strength of the small business franchise, continued improvement in Mailchimp and product development in B2B payments set up supportive catalysts into an important fiscal 4Q," he added.

Oppenheimer On Intuit

Analyst Scott Schneeberger reiterated an Outperform rating and price target of $476.

Intuit's generated year-on-year growth in total revenue, adjusted operating income and earnings per share of 7%, 16% and 17%, respectively, Schneeberger said. "Small Business segment F3Q23 revenue grew 21% y/y, prompting increased FY23 segment guidance from 19-20% to 24% y/y," he added.

"With the 4/18/23 tax season deadline behind it, Intuit reduced FY23 Consumer (TurboTax) segment revenue growth guidance from 9-10% to 5-6% y/y as total IRS returns/DIY category shift/TurboTax's market share within DIY are all anticipated to be weaker than previously expected," the analyst further stated.

William Blair On Intuit

Analyst Matthew Pfau reaffirmed an Outperform rating on the stock.

"In our view, the lower-than-expected tax results were somewhat telegraphed by the IRS data, which showed that DIY returns were weak in the current tax year," Pfau wrote in a note. "Despite this, the 12% increase in average revenue per filer was encouraging and shows that Intuit's freemium strategy continues to be effective," he added.

Even amid continued macro volatility, Intuit's Small Business segment "continues to perform well, which is very encouraging," the analyst further stated.