Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

Goldman Sachs Ups H&R Block to 'In-line'


Goldman Sachs upgraded H&R Block (HRB) to 'in-line' from 'underperform.'

Analyst Michael Hodes says the upgrade is largely valuation driven, but also reflects modestly less concern around the company's poor client growth this past tax season. On a valuation basis, the shares now trade at about 12 times his $3.10 fiscal year 2004 EPS estimate, a level that appears reasonable given the recent move in mortgage finance stocks. Furthermore, the shares have fallen about 16% since Apr. 2, and he expects news flow driven pressure to subside now that the tax season is over.

Lastly, on client growth, the backdrop is somewhat more encouraging with the IRS now showing a 2.8% drop in returns received through Apr. 25.


The Aging of Abercrombie & Fitch
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus