UPDATE: J.P. Morgan Downgrades Intuit to Neutral on Final Tax Season Update

In a report published Thursday, J.P. Morgan analyst Sterling Auty downgraded the rating on Intuit (NASDAQ: INTU) from Overweight to Neutral, and lowered the price target from $65.00 to $60.00.In the report, Auty noted, “After the close Intuit provided updated guidance for the fiscal year as it released the third and final update on this year's tax season. The company is lowering guidance as it now appears that TurboTax consumer revenue will be approximately 4% for the year as compared to original expectations of 8-10%. Consumer tax makes up 33% of total revenue and with it now expected to grow 4% this year it is hard to justify an 18x multiple on the stock.”Intuit closed on Wednesday at $64.19.