H&R Block Downgraded by Goldman Sachs

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Following the news that HSBC (HSC) has canceled its agreement with H&R Block (HRB), Goldman Sachs lowered its price target on shares of HRB to $12 per share. The firm believes earnings will come in lighter than expected in 2011 as the tax preparer will not be able to create a new product for refund anticipation loans in time for the upcoming tax season.

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