Truist Securities has lowered its price target on Intapp, Inc. (INTA) to $35.00 from $68.00 but has maintained a Buy rating on the shares. The revised target sits close to InvestingPro's Fair Value assessment, and Truist framed the adjustment against a backdrop of strong product-level performance reported in the companys fiscal second quarter.
Shares of Intapp recently traded around $22.70, after suffering a steep 19.7% drop over the prior week. Truist noted that the stock has endured a drawdown of more than 30% from prior levels, which the firm described as a "significant overreaction." The broker continues to underwrite its Buy stance using a 3.7x EV/CY26E sales multiple in its valuation approach.
Truist highlighted several elements of Intapp's Q2 results as evidence of durable fundamentals. Cloud Annual Recurring Revenue, or ARR, accelerated to 31% year-over-year growth - described by the firm as the companys best quarter ever on that metric. Over the trailing twelve months, Intapp's overall revenue rose 16.84%.
SaaS revenue expanded 28% year-over-year, and the number of customers spending more than $100,000 continued to increase. Truist interpreted these trends as validating Intapps enterprise franchise and customer traction within professional and financial services segments.
The analyst also emphasized Intapps positioning as a platform chosen by professional and financial services firms deploying AI, pointing to the companys domain expertise and execution in regulated industries as competitive strengths.
At the same time, Truist observed that Intapp's guidance looked "modestly light" relative to Street expectations for third-quarter EBIT. Despite that, the firm judged the market reaction to recent results and guidance as excessive and retained its Buy rating.
Market-data from InvestingPro referenced by Truist indicated that technical indicators, including the Relative Strength Index, place INTA in oversold territory. Across analysts cited, price targets ranged from $33 to $62, which Truist and others view as implying upside potential even after the company's roughly 60% decline over the past year.
Intapp's reported fiscal second-quarter 2026 results showed the company beating analyst forecasts on both earnings per share and revenue. EPS came in at $0.33, above the expected $0.26, while revenue was $140.2 million versus a forecast of $138.19 million. The company also disclosed a $200 million share buyback program and raised its full-year SaaS outlook above Street expectations.
Other firms have revised their targets in recent sessions. Piper Sandler cut its price target to $33 from $42 and kept a Neutral rating. Stifel reduced its target to $40 from $50 and maintained a Buy rating. These adjustments underscore mixed analyst sentiment despite the companys strong Cloud ARR and SaaS revenue growth rates.
Bottom line: Truist's move to halve its prior target reflects a recalibration of valuation that nevertheless leaves room for upside in the brokers view, anchored by accelerating cloud metrics and expanding enterprise customer spend. The market, however, has already discounted a sizable portion of the company's equity value amid volatile investor reactions.