BMO Capital analyst Jeffrey Silber reiterated a Market Perform rating and $25 price target on H&R Block. Silber said that, in Week 1, the number of individual tax returns received and processed fell 1.6% and 2.7% year-over-year. The analyst noted that most had expected a "stronger" start, given fiscal 2019's 1st week was just after the government shutdown and included tax reform uncertainty. Silber added that while one week doesn't make a trend, H&R Block could react negatively to the news. The analyst also noted that, as is typical with early season, self-prepared returns volumes outpaces those filed by tax professionals, though the shifts towards more self-prepared on a year-over-year basis continues.