Evercore Partners Downgrades Intuit to Underweight (INTU)
Intuit (NASDAQ:INTU) was downgraded by investment analysts at Evercore Partners from an “equal weight” rating to an “underweight” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $62.00 price target on the stock, up from their previous price target of $10.00. Evercore Partners’ target price points to a potential downside of 11.50% from the stock’s previous close.
Shares of Intuit (NASDAQ:INTU) traded down 4.13% during mid-day trading on Wednesday, hitting $69.72. 5,067,136 shares of the company’s stock traded hands. Intuit has a 1-year low of $55.54 and a 1-year high of $77.78. The stock has a 50-day moving average of $74.45 and a 200-day moving average of $70.02. The company has a market cap of $19.860 billion and a price-to-earnings ratio of 25.28.
Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The company reported ($0.06) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.10) by $0.04. The company had revenue of $622.00 million for the quarter, compared to the consensus estimate of $603.00 million. During the same quarter last year, the company posted ($0.03) earnings per share. Intuit’s revenue was up 10.7% compared to the same quarter last year. On average, analysts predict that Intuit will post $3.58 earnings per share for the current fiscal year.
INTU has been the subject of a number of other recent research reports. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Intuit in a research note on Friday, November 22nd. They now have a $68.00 price target on the stock, up previously from $65.00. Separately, analysts at Wedbush raised their price target on shares of Intuit from $79.00 to $82.00 in a research note on Friday, November 22nd. Finally, analysts at Jefferies Group raised their price target on shares of Intuit from $65.00 to $73.00 in a research note on Friday, November 22nd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $72.31.
Intuit Inc (NASDAQ:INTU) is a provider of business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions.
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