UPDATE: BTIG Research Reiterates Buy Rating, Raises PT on H&R Block on FY14 EPS Growth Potential

In a report published Monday, BTIG Research reiterated its Buy rating on H&R Block

, and raised its price target from $27.00 to $31.00. BTIG Research noted, “While we believe many investors are looking through the 2013 tax season and focusing on the HRB's potential earnings per share growth in FY14, the company's 3Q13 results and conference-call commentary were encouraging on a few important fronts. The most significant overhang on the HRB story is the potential impact from mortgage putbacks at Sand Canyon Corporation (SCC), the company's wholly owned but legally separate subsidiary, which was formerly known as Option One. SCC reported just $16mm in new claims during 3Q13, a benign figure that followed a similarly inoffensive $10mm in new claims in 2Q13.” H&R Block closed on Friday at $27.28.