Intuit price target lowered to $443 from $540 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Intuit (INTU) to $443 from $540 and keeps an Overweight rating on the shares. The company reported a tax miss in fiscal Q3 and lower payroll growth, the analyst tells investors in a research note. The firm believes it will take time until Intuit shareholders gain confidence again. While tax suffered from lower units and some low-end competition and payroll faces strong compares, the bigger issue is management being very bullish going into the results, which created an expectations mismatch, contends Barclays.