Intuit downgraded to Hold from Buy at Freedom Broker

Freedom Broker analyst Almas Almaganbetov downgraded Intuit (INTU) to Hold from Buy with a price target of $430, down from $600. Despite a “strong quarterly print” and raised annual guidance, the firm sees rising competition from the IRS Direct File system, which could threaten TurboTax’s market share, and argues that weakness in the DIY tax and Mailchimp segments will likely pressure medium- to long-term growth.