UPDATE: Millman Research Associates Raises PT to $32 on H&R Block on ACA Impact

Millman Research Associates maintained H&R Block HRB with a Buy rating and raised the price target from $25.00 to $32.00. Millman Research Associates commented, "While not easy (or even possible) to estimate the impact of ACA (the rules have not even been written), we believe it will result in significant increases in volume (as did the Bush rebate program) and complexity (revenue/return). We believe (mostly) as a result of the Bush rebate program in 2008, IRS returns jumped 11%. We also believe the sale (we gather moving along—it's a process) of the Block Bank will also be favorable for investors. The severing of the Bank from HRB will make the company far more attractive to possible buyers. Additionally, the sale should free around $400M for share repurchase." H&R Block closed at $25.12 on Wednesday.