UPDATE: Goldman Sachs Lowers PT on Intuit Following Disappointing Tax Season

In a report published on Wednesday Goldman Sachs lowered its price target on Intuit, Inc.

from $63 to $67 and maintained their Neutral rating on the company. In the report analysts from Goldman Sachs stated that, "Another sluggish consumer tax season (i.e., mid-single digit unit growth) likely resets investor expectations for that segment's outlook (i.e., below the company's 8-12% long-term target). The causes appear to be more market related (i.e., 5 pts of headwinds from slower category growth and weak filers) and FY14 should benefit from a pricing tailwind and improved filer growth with potential amplification from the Affordable Care Act. Still, we also see the larger base (i.e., 19m versus 18m) and improved competitor performance dampening the acceleration." Intuit is currently 2.21 points on the day and trades at $60.10