UPDATE: Bank of America Upgrades Liquidity Services to Buy on Upward GSS Revision
Bank of America raised its rating on Liquidity Services (NASDAQ: LQDT) from Neutral to Buy and increased its price objective from $46 to $53.
Bank of America noted, "Yesterday (25th October), LQDT made a surprise upward revision to its Sep. Liquidation GSS data due to a GoIndustry DoveBid error. Previously, LQDT reported Liquidation GSS data of $49.98mn but revised the data up ~$11mn higher (22%) to $61.04mn. Using the original reported GSS figures, we calculated F4Q GMV would come in at ~$231mn and at the low end of $230-$240mn guidance. We now estimate GMV will slightly beat the high-end of guidance at ~$242mn."
Liquidity Services closed at $41.58 on Thursday.
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