UPDATE: Jefferies Raises PT to $24 on Ritchie Bros. Auctioneers on Improved Fundamentals

Jefferies reiterated its Hold rating on Ritchie Bros. Auctioneers (NYSE: RBA) but raised its price target from $21 to $24.

Jefferies noted, "RBA completed their final auction of the year last week and reported an annual Gross Auction Proceed of $3.9 bln, $50 mln ahead of our expectation. A disciplined approach to the At Risk business could provide additional upside to current estimates for the quarter. We are increasing our price target to $24 (prior: $21) reflecting the improving fundamentals as we move further along the cycle."

Ritchie Bros. Auctioneers closed at $21.00 on Wednesday.

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