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Fly News Breaks for January 31, 2019
HRB
Jan 31, 2019 | 05:08 EDT
Goldman Sachs analyst George Tong downgraded H&R Block to Sell and lowered his price target for the shares to $22 from $27. The analyst sees "structural challenges" to the company's assisted business following tax reform in the U.S. The doubling of the standard deduction reduces the proportion of filers that need to itemize, Tong tells investors in a research note. This dynamic, coupled with the discontinuation of multiple promotions in 2019, will contribute to accelerated declines in H&R Block's assisted tax volumes, says the analyst.
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