UPDATE: Jefferies Lowers PT on Intuit from $64 to $53

Jefferies has published a report on Intuit INTU lowering the price target from $64.00 to $53.00. In the report, Jefferies wrote, "We surveyed 100+ ProAdvisors that suggest INTU is maintaining share with QuickBooks and upgrade activity is positive. However, our work highlights the ongoing challenges facing SMBs and feedback around QuickBooks Online was somewhat more negative than we had expected. We have slightly trimmed our ests, lowered our target multiple and PT, but we maintain our Buy since we feel the lack of an SMB cycle is discounted into the stock. Model adjustments reflect tempered SMB expectations. We have adjusted our FY12 and FY13 forecasts primarily to reflect our moderated expectations for the SMB business at INTU. Our prior model had assumed an acceleration in SMB revenue growth in FY12, but our adjusted forecasts now reflect a slight deceleration, with SMB rev growth of +12% Y/Y in FY11, +9% Y/Y in FY12 (v +13% prev) and +9% in FY13 (v +12% prev)." Jefferies rated Intuit a BUY with a price target reduced from $64.00 to $53.00. Intuit closed Monday at $46.10.