UPDATE: Bank of America Lowers PO to $63 on Intuit Post Disappointing Quarter

Bank of America lowers its price objective on Intuit

from $65 to $63 and reiterates its Buy rating on shares. Bank of America notes, "Intuit provides investors with a rare combination of Cloud + mobile opportunities and can be a potential beneficiary of HTML5 adoption longer term. With minimal EU exposure (~5%), Intuit continues to operate with a shareholder friendly mindset (dividend + share buyback). Our PO goes to $63 (from $65) based on our SOTP analysis." INTU closed at $54.41 on Thursday.