Intuit price target lowered to $714 from $760 at BMO Capital

BMO Capital lowered the firm’s price target on Intuit (INTU) to $714 from $760 but keeps an Outperform rating on the shares. Against reasonably modest expectations and with key tax season indicators forthcoming, Intuit’s Q2 results were solid, showing good performance in QuickBooks Online, especially outside of Mailchimp, robust growth in Credit Karma, and sturdy bottom-line trends with first-half EPS growth of 14%, the analyst tells investors in a research note. BMO adds however that its price target cut reflects lower comp multiples.