Oppenheimer Maintains Outperform Rating and $19 PT on H&R Block

A report from Oppenheimer reiterates its Outperform rating and $19 price target on H&R Block

. The report states, “HRB delivered F2Q12 adjusted EPS of -$0.38 vs. our est/consensus/F2Q11 of -$0.36/-$0.35/-$0.35. Primary positive takeaways were the RSM McGladrey sale closing 11/30/11 (signifying >$550M of cash inflow by 12/31/11) and the F2Q11 repurchase of 4.3% of HRB's shares. This was offset by increased mortgage putback claims at Sand Canyon Corp. (

) and slightly lower than expected seasonally-soft EPS.” HRB closed yesterday at $16.06.