Intuit Stock Downgraded Because of Recent Stock-Price Increase

Intuit (INTU) shares were downgraded by UBS (UBS) after investors bid up the software maker's stock to the investment bank's price target earlier this week.

UBS downgraded Intuit to a "neutral" rating from "buy" Thursday and kept its $44 price target. Shares closed at $43.37 today.

Intuit, which said earlier this week that it would ship its QuickBooks 2011 product Sept. 27, is likely to keep improving its financial results amid a challenging economic environment as it boosts prices and develops new products, UBS said in its note to clients. Revenue for the year ending July 2011 will increase 10% to $3.8 billion, UBS estimated.

Still, the stock doesn't have "significant near-term upside...unless estimates move materially above consensus levels and multiples expand," UBS wrote.

UBS shares appreciated 43% year to date as of yesterday, compared to a 2% drop for the NASDAQ.

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