Wedbush Securities Reiterates Outperform, Lowers PT On H&R Block As Tax Season Is Expected To Improve After Tough Start

In a report published Thursday, Wedbush Securities analyst Gil Luria reiterated an Outperform rating on H&R Block Inc. (NYSE: HRB), but lowered the price target from $40.00 to $38.00.

In the report, Wedbush Securities noted, "We believe HRB will be able to deliver sustainable double-digit shareholder returns based on 3-4% revenue growth, operating leverage, meaningful buybacks and above-market dividend yield. Better-than-expected FQ3 LPS benefiting from early tax season. Revenue of $509 million missed consensus of $518 million as overall filing growth declined (4.2)% despite earlier start to the tax season. However non-GAAP LPS of $(0.13) beat consensus of $(0.17)."

H&R Block closed on Wednesday at $33.42.