Wells Fargo resumed coverage on Intuit Inc. (INTU) on Thursday with a “Market Perform” rating. The analysts like the business and financial management software company’s long term outlook, but think current shares are valued at the right price.
The analysts value shares of INTU in he $60 to $62 range. This range suggests a small downside to Wednesday’s closing price of $62.16.
A Wells Fargo analyst commented, “We are resuming coverage of INTU with a Market Perform rating due to a valuation we believe accurately discounts the attractive growth, margin and capital allocation profile of the company. Although we hold a favorable view of the company’s long-term prospects, we believe near-term share price appreciation may be limited. We believe INTU possesses a variety of assets and business platforms that position the company to be a premier provider of integrated solutions and services for small businesses and individuals.”
Intuit shares were flat during premarket trading on Thursday. The stock is up +17.02% over the past year.
The Bottom Line
Shares of Intuit (INTU) have a 1.09% dividend yield, based on last night’s closing stock price of $62.16. The stock has technical support in the $58 price area. The shares are trading near all-time highs.
Intuit Inc. (INTU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.