Deutsche Bank Downgrades Intuit to “Hold” (INTU)
Deutsche Bank reported on Wednesday that it has reduced its rating on financial software maker, Intuit Inc. (INTU).
The firm has downgraded INTU from a “Buy” to a “Hold,” and has maintained its $65 price target. This price target suggests a 12% upside from the stock’s current price of $57.40.
An analyst from the firm noted, “while we like Intuit’s long-term standing as a leader in do-it-yourself tax preparation software and emerging leader status within small business software, we are cautious on the absence of near-term visible catalysts,” said analyst Nandan Amladi. “Within the tax business, while Intuit continues to maintain ~60% share, our main concern is how fast this business can grow in the next year.”
Intuit shares were down 50 cents, or -0.87% during Wednesday morning trading. The stock is down -4% YTD.
The Bottom Line
Shares of Intuit Inc. (INTU) have a 1.19% yield, based on Wednesday morning’s price of $57.20.
Intuit Inc. (INTU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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