UPDATE: Millman Research Associates Downgrades Intuit to Hold, Reiterates $59 PT

In a report published Friday, Millman Research Associates downgraded its rating on Intuit (NASDAQ: INTU) from Buy to Hold, and reiterated its $59.00 price target.

Millman Research noted, “We continue to believe Intuit's F13 consumer tax revenue growth may be optimistic. We believe TurboTax (TT) will continue to lose market share—down to 58% from 59% last year. Additionally, we believe delays in tax legislation could cause early season unit volume to decline (similar to F11). We think industry growth may be slowing/maturing (the DIY paper taxpayers continue to decline, complexity may increase—although free advice could be an offset) and competition increase (HRB will build on F12 growth, TaxAct will have full year under new ownership).”

Intuit closed on Thursday at $58.77.

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