** Shares of Intuit INTU.O slump 13.3% to $332.51 in premarket trading

** Co lowered its annual TurboTax revenue forecast on Wednesday and said it would cut 17% of its full-time workforce

** Co cutting nearly 3,000 jobs globally, as reported by Reuters, seeking to streamline operations and sharpen focus on key areas such as AI

** Morgan Stanley, which removed INTU from its top pick, says "while one focus of the announced restructuring was to drive more free cash flow from the asset, this does little to improve the growth equation"

** Co reported $8.56 bln in revenue for the February–April quarter, missing analysts’ estimates of $8.61 bln

** Following the results, at least eight brokerages lowered price target on the stock, according to data compiled by LSEG

** 28 of 35 brokerages rate the stock "buy" or higher, 7 "hold"; their median PT is $558 - LSEG-compiled data

** Up to last day's close, stock down 42% YTD