UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT for Liquidity Services
In a company update published earlier today, Oppenheimer Holdings reiterated its Outperform rating for Liquidity Services, Inc. (NASDAQ: LQDT) and raised its price target from $72.00 to $75.00.
Oppenheimer went on to say “We believe the recent sell-off in LQDT shares creates a buying opportunity as GSS is treading above the high-end of guidance. Last week, LQDT shares declined 12% vs. a 1% gain for the S&P 500 and +0.5% for the NASDAQ. We believe the sell-off was caused by concerns over weaker May GovDeals GSS data, and the perception of difficult y/y Commercial comps in June. However, 1) the upside in the Commercial and Surplus segments more than offsets GovDeals and Scrap; and 2) last year's m/m trends for Commercial GSS June were impacted by the June 1 acquisition of TruckCenter. Based on our updated assumptions, we are raising F3Q GMV and EBITDA 2% and 5% above the high-end of guidance, respectively.”
Liquidity Services, Inc. closed on Friday at $56.41.
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Tags: Oppenheimer Holdings