Citi Maintains a 'Hold' Rating on Intuit (INTU), Lowers Price Target
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Citi maintains a 'Hold' rating on Intuit Inc (Nasdaq: INTU), lowers price target from $28 to $23.
Citi analyst says, "INTU lowered FY09 guidance modestly due to weaker than expected small business, international (incl. FX), and consumer markets. As we previewed on 11/11, INTU is not entirely immune to macro and FX headwinds, though it is relatively better shielded than many other software co’s (no exposure to large enterprises, <5% of revs outside U.S., stable & recurring TurboTax franchise). Our FY EPS ests are roughly unchanged despite lower revs thanks to tight opex controls and a lower tax rate. Our new lower TP ($23, down from $28) reflects some of the added uncertainties related to the U.S. economy as well as multiple compression in the comp. grp."
Intuit Inc. (Intuit) is a provider of business, financial management solutions for small and medium sized businesses, financial institutions, consumers and accounting professionals.
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