An analyst at RBC Capital cut his price target on the stock to $27 from $29. The tech spending environment, which was expected to improve in the second half of the year, is likely to recover in the first half of 2009, said the analyst Mark Sue. Considering the extended horizon and the "lack of urgency" to own shares this year, Sue cut his price target on the stock.
E-commerce outsourcing company Digital River(DRIV Quote) shed $2.07, or 5.3%, to $36.90 after an analyst at Goldman Sachs cut his rating on the stock to sell. Intuit(INTU Quote) shed $1.43, or 5.1%, to $26.77 after a Goldman Sachs(GS Quote) analyst downgraded the stock to sell. The combination of a weakening macro environment, weak demand and a "tight lending environment" is likely to slow small business spending, which could affect Intuit, said the analyst. About 40% of Intuit's revenue in fiscal 2009 is likely to come from small businesses. The analyst also added Intuit to Goldman Sachs' conviction sell list and cut his price target on the stock to $25 from $31.- Loading Comments...
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