UPDATE: Morgan Stanley Downgrades Intuit to Underweight, Names $62 PT on Slowing Growth Profile

In a report published Wednesday, Morgan Stanley analyst Jennifer Swanson Lowe downgraded the rating on

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.