UPDATE: Stifel Nicolaus Initiates Hold on Intuit

Stifel Nicolaus initiates its coverage on Intuit (NASDAQ: INTU) with a Hold rating on slower-than-peers growth rate.

Stifel Nicolaus says, "We are initiating coverage of INTU shares with a Hold rating as the shares are currently at 17.3x P/E on estimated 2013 earnings compared to the peer group median at 17.0x and Intuit's revenue is growing slower than the peer group average. Intuit's P/E ratio is towards the high-end of the five-year average. While we think the company's growth prospects remain intact, we cannot see a catalyst of significant enough size to accelerate top-line growth and earn the company a higher multiple."

INTU closed at $57.52 a share yesterday.