Standpoint Research Upgrades H & R Block (HRB) to Buy

Standpoint Research upgraded H & R Block (NYSE: HRB) from Hold to Buy with a price target of $18.00.

The firm notes, "We closed out HRB with a 33.61% gain (and 3329 bps gain versus the S&P) on April 4, 2011. The shares have since come back down to the original recommended price and can be reinstated.

H & R Block reported Q1 on June 23 … earnings were $2.14 per share versus the $2.12 consensus … revenues fell 0.6% y/y to $2.33 bln versus the $2.31 bln consensus. Total U.S. tax returns prepared by H&R Block in fiscal 2011 grew 6.5%, or 1.3 million returns. Total retail returns prepared grew 3.6%, while the net average retail fee per tax return prepared declined 3.3%. Total digital tax returns prepared increased 13.5%, led by growth of 28.7% in online filings."

For more ratings news on H & R Block click here and for the rating history of H & R Block click here.

Shares of H & R Block closed at $14.04 yesterday.

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