UPDATE: Jefferies Cut Target in Intuit to $55


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Jefferies lowers its price target from $58 to $55 on Hold-rated Intuit (NASDAQ: INTU) as it trims consumer tax assumptions. Jefferies says, "We have lowered our Consumer Tax rev growth forecast for FY12 to +9% Y/Y from +11% prev and are now slightly below the guidance range (10-13%). All unit data STD has pointed to growth deceleration and we think that without very favorable share/ price mix dynamics, INTU's guidance could prove challenging. We take our PT to $55 (from $58) and maintain our Hold rating."INTU closed at $60.60 on Thursday.

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Posted In: Analyst ColorPrice TargetReiterationPre-Market OutlookAnalyst RatingsJefferies