Jefferies Cuts Numbers On Intuit (INTU) After ProAdvisor Survey

Jefferies cuts estimates and its price target on Intuit (NASDAQ: INTU) from $64 to $53 following a lackluster ProAdvisor survey.

The firm comments, "We surveyed 100+ ProAdvisors that suggest INTU is maintaining share with QuickBooks and upgrade activity is positive. However, our work highlights the ongoing challenges facing SMBs and feedback around QuickBooks Online was somewhat more negative than we had expected. We have slightly trimmed our ests, lowered our target multiple and PT, but we maintain our Buy since we feel the lack of an SMB cycle is discounted into the stock."

FY11 EPS goes from $2.50 to $2.48, FY12 goes from $2.87 to $2.86.

For more ratings news on Intuit click here and for the rating history of Intuit click here.

Shares of Intuit closed at $46.10 yesterday.

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