UPDATE: Oppenheimer Upgrades Rating to Outperform on H&R Block

A report from Oppenheimer upgrades its rating to Outperform and establishes a $19 price target on H&R Block (NYSE: HRB).

The report states, “We anticipate favorable catalysts over coming weeks/months to invigorate value investors. Historically, interest in tax stocks builds Nov/Dec, and HRB's large, US-focused opportunity (140M federal returns filed annually) to garner storefront share from independents is compelling. HRB's been untouchable to many value investors this tax off-season on its "suspended" cash deployment strategy."

HRB closed yesterday at $15.53.