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HRB

H&R Block

$22.86

-1.125 (-4.69%)

, INTU

Intuit

$116.07

0.25 (0.22%)

10:39
11/28/16
11/28
10:39
11/28/16
10:39

H&R Block slides after analyst says sell on Trump outlook

Shares of H&R Block (HRB) are slipping after BTIG analyst Mark Palmer downgraded the stock to Sell on increased fears that a potential Donald Trump's simplified tax code may undermine the company's purpose. Earlier this month, his peer at Morgan Stanley had also cut his rating on the stock, citing similar concerns. TAX CODE SIMPLIFICATION: BTIG's Palmer downgraded H&R Block to Sell from Neutral, with an $18 price target, saying that Donald Trump's policies could undermine the company's purpose. In a research note this morning, the analyst told investors that the President-elect said in August 2015 that "it would be a dream of mine to put H&R Block right out of business" by simplifying the tax filing process to the extent that the company's tax preparation services would no longer be in demand. While acknowledging that much of the rhetoric offered up on the campaign trail is unlikely to translate into policy, Palmer pointed out that the likelihood of the enactment of legislation that would simplify tax filing in a manner that could reduce the need for the company's tax preparation services has "increased significantly" given the Republican control of the White House and both houses of Congress. Further, the analyst added that on the Democrat side Senator Elizabeth Warren introduced last April the Tax Simplification Act of 2016 demonstrating the bipartisan appeal of such an approach. At the very least, tax simplification could accelerate the shift to online filing, a business line featuring thinner margins for H&R Block and one in which the company has been losing market share to Intuit's (INTU) TurboTax, Palmer argued. ELECTION RISK: Two weeks ago, Morgan Stanley analyst Thomas Allen downgraded H&R Block to Equal Weight from Overweight on similar concerns, saying he views the election outcome as a negative as it increases the risk of a simplified tax code, while the potential repeal of the Affordable Care Act removes an industry tailwind. Additionally, the analyst said he sees risk to margins from Refund Advances as the benefits seem to have diminished and are more commonplace. The loans are priced as customer acquisition tools rather than margin drivers, he added. WHAT'S NOTABLE: While speaking at the Economic Club of New York in September, Donald Trump said H&R Block "would be a disaster" under his presidency. The now President-elect was responding to a question about what industries would benefit from his economic policies. He spoke of his simpler tax plan as being a "disaster" for H&R Block. PRICE ACTION: In morning trading, shares of H&R Block have dropped over 5% to $22.76.

HRB

H&R Block

$22.86

-1.125 (-4.69%)

INTU

Intuit

$116.07

0.25 (0.22%)

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    Nov

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    Nov

  • 07

    Dec

HRB H&R Block
$22.86

-1.125 (-4.69%)

11/16/16
11/16/16
DOWNGRADE
Target $25

Equal Weight
H&R Block downgraded on election risk at Morgan Stanley
As previously reported, Morgan Stanley downgraded H&R Blobk to Equal Weight from Overweight and lowered its price target to $25 from $26. Analyst Thomas Allen views the election results as a negative as it increases the risk of a simplified tax code and the potential repeal of ACA removes an industry tailwind. Allen also sees risk to margins from Refund Advances as the benefits seem to have diminished and are more commonplace.
11/28/16
BTIG
11/28/16
DOWNGRADE
BTIG
Sell
H&R Block downgraded to Sell from Neutral at BTIG
11/28/16
BTIG
11/28/16
DOWNGRADE
BTIG
Sell
H&R Block downgraded on Trump outlook at BTIG
As noted earlier, BTIG downgraded H&R Block to Sell from Neutral. Analyst Mark Palmer notes that President-elect Trump has said he wants to put H&R Block out of business by simplifying the tax code. Palmer thinks that the chances of this vision becoming reality has increased significantly. Target $18.
11/28/16
11/28/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AbbVie (ABBV) downgraded to Neutral from Buy at Citi. 2. Citi (C), Wells Fargo (WFC), and Regions Financial (RF) were downgraded to Hold from Buy at Jefferies with analyst Ken Usdin citing valuation. 3. Hilton (HLT) and Marriott (MAR) were downgraded to Hold from Buy at Evercore ISI. 4. H&R Block (HRB) downgraded to Sell from Neutral at BTIG with analyst Mark Palmer noting that President-elect Trump has said he wants to put H&R Block out of business by simplifying the tax code. 5. Tupperware Brands (TUP) downgraded to Sell from Neutral at B. Riley with analyst Linda Bolton Weiser saying the stock has not moved lower to reflect post-election currency devaluations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
INTU Intuit
$116.07

0.25 (0.22%)

09/13/16
MSCO
09/13/16
DOWNGRADE
Target $105
MSCO
Underweight
Intuit downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Keith Weiss downgraded Intuit to Underweight with a $105 price target citing full valuation. The analyst believes FY17 guidance is achievable, but does not see much margin expansion beyond FY18.
09/13/16
09/13/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Underperform from Neutral at Macquarie with analyst Tim Nollen saying market penetration could be limited given new streaming video on demand competitors and local operator's streaming efforts. 2. Intuit (INTU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Keith Weiss citing full valuation. 3. Applied Genetic (AGTC) downgraded to Market Perform from Outperform at Wells Fargo, to Sell from Buy at Janney Capital, to Hold from Buy at Cantor, and to Neutral from Buy at Roth Capital. 4. Signet Jewelers (SIG) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he believes shares will be range bound despite the stock's cheap valuation. 5. Red Robin (RRGB) downgraded to Underperform from Buy at BofA/Merrill with the firm citing the difficult casual dining environment, lack of near-term catalysts, and risk to third quarter earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/16/16
EVER
11/16/16
INITIATION
Target $116
EVER
Hold
Intuit assumed with a Hold at Evercore ISI
Evercore ISI analyst Kirk Materne assumed coverage on Intuit with a Hold and a $116 price target.
11/16/16
11/16/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Intuit (INTU) assumed with a Hold at Evercore ISI. 2. BNC Bancorp (BNCN) initiated with an Overweight at Piper Jaffray. 3. Cooper Tire (CTB) coverage resumed with an Overweight at KeyBanc. 4. Lithia Motors (LAD) coverage resumed with an Overweight at KeyBanc. 5. Nielsen (NLSN) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

$NSD

NASDAQ Market Internals

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$NYE

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GLOW

Glowpoint

$0.33

-0.0056 (-1.68%)

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INTT

inTEST

$8.84

-0.26 (-2.86%)

15:04
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Initiation
inTEST initiated  »

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NEPT

Neptune Technologies

$3.05

0.14 (4.81%)

15:00
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Options
New positions opened in Neptune Tech February puts and calls »

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General news
Treasury Closing Summary: »

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PTEN

Patterson-UTI

$24.48

0.6 (2.51%)

14:54
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14:54
Periodicals
Patterson-UTI confirms responding to fire at Oklahoma rig, FOX23 says »

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MRNS

Marinus Pharmaceuticals

$6.83

-0.05 (-0.73%)

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Notable call buying in Marinus Pharmaceuticals as shares see relative strength »

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AMZN

Amazon.com

$1,294.58

1.26 (0.10%)

, XLI

Industrial Select Sector SPDR

$79.45

-0.24 (-0.30%)

14:49
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Technical Analysis
Technical Take: S&P 500 moves to new high, levels to watch »

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AMZN

Amazon.com

$1,294.58

1.26 (0.10%)

XLI

Industrial Select Sector SPDR

$79.45

-0.24 (-0.30%)

XLB

S&P Select Materials SPDR

$62.93

-0.35 (-0.55%)

XLY

Consumer Discretionary Sector SPDR

$106.28

0.6762 (0.64%)

XLE

Energy Select Sector SPDR

$77.78

1.4 (1.83%)

XLK

Technology Select Sector SPDR

$68.19

0.385 (0.57%)

SPY

SPDR S&P 500 ETF Trust

$281.59

1.181 (0.42%)

SPX

S&P 500

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CELG

Celgene

$102.65

0.93 (0.91%)

14:40
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01/22
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14:40
Options
Celgene calls outpace puts 3:1 as shares tick modestly higher »

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14:40
01/22/18
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General news
Treasury Action: yields have reversed the earlier declines »

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GENC

Gencor Industries

14:30
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Hot Stocks
Royce & Associates reports 7.37% passive stake in Gencor Industries »

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BPL

Buckeye Partners

$56.18

1.155 (2.10%)

14:30
01/22/18
01/22
14:30
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14:30
Options
Bullish option flow in Buckeye Partners as shares rally »

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  • 22

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CLVS

Clovis

$56.76

0.89 (1.59%)

14:25
01/22/18
01/22
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Options
Clovis call volume above normal and directionally bullish »

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$NSD

NASDAQ Market Internals

14:17
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01/22
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

14:16
01/22/18
01/22
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Technical Analysis
NYSE market internals summary »

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CYBE

Cyberoptics

$17.15

0.45 (2.69%)

14:05
01/22/18
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Royce & Associates reports 9.64% passive stake in Cyberoptics »

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FTI

TechnipFMC

$34.31

0.81 (2.42%)

14:05
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Options
FMC Technologies call volume above normal and directionally bullish »

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  • 22

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CTB

Cooper Tire

$39.65

-0.7 (-1.73%)

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CTG

Computer Task Group

$5.09

0.12 (2.41%)

14:02
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Breaking Hot Stocks news story on Computer Task Group »

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JUNO

Juno Therapeutics

$85.88

18.185 (26.87%)

14:01
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Downgrade
Juno Therapeutics rating change  »

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INGR

Ingredion

$140.05

2.92 (2.13%)

13:47
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  • 01

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ADSK

Autodesk

$115.29

2.74 (2.43%)

13:45
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Options
Autodesk call volume above normal and directionally bullish »

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GLOB

Globant

$47.41

-0.86 (-1.78%)

13:44
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  • 15

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NWSA

News Corp.

$17.22

0.21 (1.23%)

, NWS

News Corp

$17.55

0.15 (0.86%)

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Hot Stocks
News Corp. chairman Murdoch makes case for carriage fee for trusted publishers »

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NWSA

News Corp.

$17.22

0.21 (1.23%)

NWS

News Corp

$17.55

0.15 (0.86%)

FB

Facebook

$181.29

1.49 (0.83%)

GOOG

Alphabet

$1,137.51

7.72 (0.68%)

GOOGL

Alphabet Class A

$1,143.50

7.53 (0.66%)

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