UPDATE: Morgan Stanley Downgrades Intuit on Slowing Growth Profile
In a report published Wednesday, Morgan Stanley analyst Jennifer Swanson Lowe downgraded the rating on Intuit (NASDAQ: INTU) from Equal-Weight to Underweight, but named a $62.00 price target.
In the report, Morgan Stanley noted, “Slowing tax category growth may limit INTU's growth profile overall while at 18x CY14 EPS INTU trades at a meaningful premium to other 11-12% EPS growers like SAP or SYMC. As a result, we see INTU shares as a relative laggard vs. software peers and we are downgrading the stock to UW.”
Intuit closed on Tuesday at $66.30.
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