Oppenheimer reiterated a Perform rating on H&R Block (NYSE: HRB) following the company's FY17 offerings.

Analyst Scott Schneeberger commented, "Reversing strategy after recent years of losing early tax season share, HRB introduced multiple new FY17 offerings to "arrest the client decline" and garnered resulting competitive share gains in this challenged early tax season. It was a necessary result for HRB, as it staves-off meaningful downside pending additional effective execution in the back half of the season. It also afforded HRB to maintain its FY17 adjusted EBITDA guidance at the low end of its multi-year guidance range of 27-30%. The solid tax season start/higher than anticipated share repurchases, partly due to a 1x liquidation of mortgage loans/real estate, prompts us to tweak both FY17E/ FY18E adjusted EPS higher by 3%. Likely to be favorably received, upside may be limited by HRB's still challenged multi-year growth profile."

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Shares of H&R Block closed at $20.84 yesterday.