UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on H&R Block Following Management Meeting

In a report published Tuesday, Morgan Stanley analyst Thomas Allen reiterated an Overweight rating on

, but removed the $38.00 price target. In the report, Morgan Stanley noted, “New Affordable Care Act (ACA) tax forms could come out as soon as this week. We expect that unlike in MA where every filer has to submit a Schedule HC form to show they have health insurance, at the Federal level, compliance will be integrated into core forms (like 1040s). However, forms 8962 (subsidy reconciliation) and 8965 (penalty and exemption) will be complicated so could well create pricing opportunities (not included in our base case F15e EPS of $2.00).” H&R Block closed on Monday at $33.52.