Intuit Falls 9.2% After Analyst Downgrade

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Intuit

(INTU) - Get Report

was down 9.2% in preopen

Island

trading. The maker of

Quicken

personal finance software said after Tuesday's close that its first-quarter loss was 10 cents per share, better than the Street's 16-cent estimate. But

ABN AMRO

today cut the stock to add from buy and trimmed its 12-month target to $55 from $60. The brokerage said it was concerned about a shift in tax revenue from the second quarter to the third and somewhat disappointed in certain business aspects.