Oppenheimer Reiterates Perform on H&R Block (HRB) Following 1Q Report
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Oppenheimer reiterated a Perform rating on H&R Block (NYSE: HRB), following the company's 1Q earnings report. HRB reported EPS of -$0.55, consistent with consensus estimates of -$0.53. Management indicated its cost savings are pacing on track with internal expectations.
Analyst Scott Schneeberger commented, "H&R Block's seasonally light F1Q17 EPS was in line with our estimate/consensus despite opex's materially underperforming our estimate and being wholly offset by a higher than anticipated tax benefit. Although the quarter was relatively uneventful, HRB's indication it was consistent with internal expectations leads us to interpret our prior FY17 opex expectation as too aggressive and prompts us to increase it. Correspondingly, we're tempering our FY17-18E EPS on a more conservative opex estimate. Not providing guidance, HRB indicated this tax season will differ significantly from last year's disappointment. However, for competitive reasons, the company isn't sharing "how," and likely won't until tax season is upon us. Maintaining Perform, we anticipate HRB remaining in a range pending demonstration of results this upcoming FY17 tax season."
Shares of H&R Block closed at $24.20 yesterday.
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