UPDATE: Deutsche Bank Initiates Liquidity Services at Buy on Competitive Edge

Deutsche Bank initiated its coverage on Liquidity Services

with a Buy rating and a $63 price target. Deutsche Bank noted, "Liquidity Services should have several years of 15%+ organic GMV growth ahead as it takes market share from the highly fragmented and less efficient offline asset liquidation space. The company operates a very efficient two-side marketplace whereby suppliers can liquidate their assets at premium yield, and buyers can find consistent flow of the broadest selection of liquidated products at low prices. On top of the organic growth, we expect the company to continue its strong track record of making accretive acquisitions. We expect EBITDA to grow faster than GMV long term (although not in 2013) as the company continues to optimize its technology and logistics infrastructure." Liquidity Services closed at $54.49 on Thursday.