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Fly News Breaks for June 13, 2018
HRB
Jun 13, 2018 | 07:56 EDT
Morgan Stanley analyst Thomas Allen called H&R Block's new CEO's guidance for plans to invest heavily in FY19 after experiencing his first tax season in charge a "negative surprise." He called the company's FY19 revenue view of $3.05-$3.1B a "slight negative," but the margin guidance of 24-26% the "bigger shock." Allen lowered his valuation multiple following the earnings report and guidance to reflect the greater uncertainty and cut his price target on H&R Block shares to $27 from $30. He keeps an Equal Weight rating on the name.
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