UPDATE: Stifel Nicolaus Raises PT to $72 on Liquidity Services; Platform Broadens

Stifel Nicolaus raises its price target on Liquidity Services

from $59 to $70 and reiterates its Buy rating on shares. Stifel Nicolaus notes, "Liquidity Services exceeded our street-high estimate and increased its guidance for 2012. The company is benefiting from a network effect of a broader and more active buyer base, and a higher volume of supply from retailers and manufacturers. The addressable market remains very large and penetration remains low, even among the largest retailers in the country. We believe this story will continue to play out throughout 2012." LQDT closed at $62.24 on Thursday.