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Why YOU'RE the reason for this stock downgrade

H&R Block TaxCut software
Tim Boyle | Getty Images
H&R Block TaxCut software

Haven't filed your taxes yet? Congrats, you are (partly) to blame for a stock downgrade!

BMO Capital Markets downgraded tax preparer H&R Block to "Market Perform" from "Outperform" following a slow start to tax season. In a note to clients Friday, BMO equity analyst Jeffrey Silber said, "business trends appear weak for H&R Block thus far into tax season, with volume for the company declining year-to-date." BMO also dropped its price target on HRB to $32 from $40.

H&R Block reported fiscal 2016 third-quarter results Thursday. The tax preparer said total revenues fell $34.5 million from the prior-year. H&R Block president and chief executive officer, Bill Cobb, said in a statement, "This tax season has been marked by the continued impact of fraud on the industry, the continuing trend of taxpayers filing their returns later in the season, and tax refunds taking longer to process."