Intuit price target lowered to $375 from $500 at Stifel

Stifel lowered the firm’s price target on Intuit (INTU) to $375 from $500 and keeps a Buy rating on the shares. Intuit shares traded off by about 13% in after-hours as TurboTax’s 7% growth in Q3 fell far short of greater than 10% buyside expectations and management was unwilling to specifically endorse its 15%-20% long-term guidance range in response to a conference call question, the analyst tells investors. The stock likely settles into a trading range, but “a rebound will take time as investors contemplate the future growth rate,” the analyst added.