Wedbush downgraded H&R Block (NYSE: HRB) from Outperform to Neutral with a price target of $32.00 (from $46.00) saying volume growth this tax season appears unlikely.

Analyst Gil Luria commented, "While we continue to believe HRB has negligible macro risk and will generate strong cash returns to shareholders, we no longer believe it can generate positive volume growth which was core to our recommendation. Therefore, we are downgrading to NEUTRAL from OUTPERFORM."

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Shares of H&R Block closed at $32.90 yesterday.