UPDATE: Bank of America Downgrades Intuit to Neutral; Solid Tax Season Already Priced In

Bank of America downgraded Intuit

from Buy to Neutral and lowered the price objective to $71.00. Bank of America said, "[T]rading at roughly 18x C13E P/E (up 14% YTD) near top end of 5-yr range of 12-19x, we believe stock is already baking in a solid 2013 tax season with +10% rev growth y/y in consumer tax revs (a key underpinning of multiple). Latest tax data from HRB indicated it grew faster than INTU in Feb, and if this trend persists through the season, it may risk INTU's tax units' goal. However, we think it is still early and INTU is likely to make up for any share losses later. In addition, a backend loaded tax season plus changes in discounting which will likely shift QuickBooks desktop sales to later this year increase risk by putting the onus of meeting F13 rev targets on the 2nd half of the yr." Intuit closed at $67.75 on Friday.