UPDATE: Bank of America Downgrades Liquidity Services to Neutral on Near-Term Uncertainty

Bank of America reduced its rating on Liquidity Services

from Buy to Neutral and lowered its price target from $62 to $46. Bank of America said, "We are lowering Liquidity Services (LQDT) to Neutral while taking our price objective to $46 (from $62) based on 20x (from 27x) our 2013 non-GAAP EPS estimate. Yesterday, LQDT disclosed complete F4Q GMV results and we expect LQDT will report $231mn in GMV which is at the low-end of guidance and $4mn below our $235mn estimate. Given LQDT's recent strong quarterly beats, we believe Street sentiment could deteriorate heading into initial FY13 guidance." Liquidity Services closed at $43.61 on Thursday.