UPDATE: Bank of America Upgrades Liquidity Services to Buy on Upward GSS Revision

Bank of America raised its rating on Liquidity Services

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.