Jefferies lowers its price target from $58 to $55 on Hold-rated Intuit INTU as it trims consumer tax assumptions.
Jefferies says, "We have lowered our Consumer Tax rev growth forecast for FY12 to +9% Y/Y from +11% prev and are now slightly below the guidance range (10-13%). All unit data STD has pointed to growth deceleration and we think that without very favorable share/ price mix dynamics, INTU's guidance could prove challenging. We take our PT to $55 (from $58) and maintain our Hold rating."
INTU closed at $60.60 on Thursday.
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