Intuit "neutral," target price reduced

23.08.07 - UBS

NEW YORK, August 23 (newratings.com) - Analysts at UBS maintain their "neutral" rating on Intuit Inc (INTU), while raising their estimates for the company. The 12-month target price has been reduced from $34 to $33.

In a research note published this morning, the analysts mention that the company has reported its F4Q07 non-GAAP losses lower than the consensus. Intuit?s revenues were, however, ahead of the consensus, with robust revenues at the QuickBooks segment. The company?s revenue growth guidance for FY08 appears achievable, the analysts say.The downward revision in the target price is due to limited visibility into the company's ability to beat its FY08 guidance, UBS adds.