UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Ritchie Bros. Auctioneers

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Ritchie Bros. Auctioneers

, and slightly raised its price target from $20.00 to $21.00. BMO Capital noted, “Management comments support our view that strong OEM sales are leading to a more balanced market and we expect to see a return to more normal levels of fleet replacement, which should drive GAP growth in 2013. However, the weaker-than-expected ARR due to pricing and poor performance of the at-risk business is a concern. We are maintaining a Market Perform rating to reflect the heightened risk of continued pressure on ARR, and possible multiple compression if the business were to prove less immune to cyclical issues.” Ritchie Bros. Auctioneers closed on Tuesday at $20.86.