Canaccord Genuity Maintains a 'Hold' on Intuit (INTU); Solid Quarter; Valuation Still a Bit Too High
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Price: $345.66 -3.53%
Rating Summary:
31 Buy, 12 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
31 Buy, 12 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity maintains a 'Hold' on Intuit (NASDAQ: INTU) price target lowered from $57 to $50.
Canaccord analyst, Richard Davis, said, "We have no quibbles with Intuit’s position as the largest, best positioned and executing finance software vendor to small business and consumers. Instead, the reason we downgraded the stock in May (see research note dated 5/19/2011) was because we felt INTU shares were vulnerable to at least a sentiment change in the face of what then appeared, and is now evident, to be a weakening SMB and consumer economy. Thanks to the confusion sown by an inept Congress, the fragile SMB/consumer economy appears to be weakening again. This does not necessarily mean that INTU is about to miss estimates; but it at least seems unlikely that the stock’s P/E will expand until there is some hope that the macro economy will improve. Intuit is too well-run not to present an opportune time to buy the shares with a strong expectation of outperforming the market. We simply do not believe that time is now."
For more ratings news on Intuit click here and for the rating history of Intuit click here.
Shares of Intuit closed at $40.30 yesterday.
Canaccord analyst, Richard Davis, said, "We have no quibbles with Intuit’s position as the largest, best positioned and executing finance software vendor to small business and consumers. Instead, the reason we downgraded the stock in May (see research note dated 5/19/2011) was because we felt INTU shares were vulnerable to at least a sentiment change in the face of what then appeared, and is now evident, to be a weakening SMB and consumer economy. Thanks to the confusion sown by an inept Congress, the fragile SMB/consumer economy appears to be weakening again. This does not necessarily mean that INTU is about to miss estimates; but it at least seems unlikely that the stock’s P/E will expand until there is some hope that the macro economy will improve. Intuit is too well-run not to present an opportune time to buy the shares with a strong expectation of outperforming the market. We simply do not believe that time is now."
For more ratings news on Intuit click here and for the rating history of Intuit click here.
Shares of Intuit closed at $40.30 yesterday.
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