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Intuit price target lowered to $450 from $525 at KeyBanc

KeyBanc analyst Josh Beck lowered the firm’s price target on Intuit to $450 from $525 and keeps an Overweight rating on the shares ahead of quarterly results. Given the macro sensitivity of the Credit Karma business and his assessment of market conditions, the analyst lowers his Credit Karma revenue forecast to 7% and believes the company could potentially shave a point off the previously provided revenue outlook resulting in an updated outlook around 13%-15%. That said, his EBIT numbers only come down slightly given what he views as a highly disciplined investment mindset.

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