UPDATE: Goldman Sachs Lowers PT on Intuit on Disappointing Tax Season
In a report published on Wednesday, Goldman Sachs analyst Greg Dunham lowered the price target on Intuit (NASDAQ: INTU) from $63 to $67 and maintained their Neutral rating on the company.
In the report, 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 closed at $57.89 on Tuesday.
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