UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Lowers PT on Liquidity Services

In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on Liquidity Services LQDT, but lowered its price target from $55.00 to $60.00. Oppenheimer Holdings noted, “We are reiterating our Outperform rating after LQDT shares declined 13%, following weaker F2013 margin guidance. As the company's outlook for F13 GMV was 10% ahead of our expectation, we believe investors are over-penalizing the stock for nearterm investments in its technology platform and marketing efforts. Following F4Q non-GAAP growth of 95%, we now estimate F1Q growth of 5%, improving to 15% in F2Q, 16% in F3Q, and 32% in F4Q. Mgmt consolidating monthly GSS data into a single release, reducing volatility around this data. As a result, we expect a gradual recovery in the stock's valuation, as investors gain comfort with the long-term outlook and improving margins. Target lowered to $55 from $60 on lower 2016E EPS.” Liquidity Services closed on Thursday at $37.83.