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UPDATE: Bank of America Downgrades Ritchie Bros Auctioneers Incorporated to Neutral; Catalysts Lacking

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Bank of America downgraded Ritchie Bros Auctioneers Incorporated (NYSE: RBA) from Buy to Neutral and lowered the price objective from $24.00 to $23.00.

Bank of America commented, "We downgrade to Neutral, along with a 5% trim to our EPS forecast. Ritchie longterm competitive position still looks robust, but we don't see a catalyst to drive shares meaningfully higher. Ritchie also trades at 22x ‘13 EPS and is a very defensive stock. Since we reinstated in Oct-12, our house view has become more pro-cyclical based partly on accelerating global growth expectations."

Ritchie Bros Auctioneers Incorporated closed at $21.57 on Monday.

Latest Ratings for RBA

DateFirmActionFromTo
Nov 2014Bank of AmericaMaintainsUnderperform
May 2014Raymond JamesMaintainsMarket Perform
Feb 2014Cantor FitzgeraldUpgradesSellHold

View More Analyst Ratings for RBA
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Analyst Ratings

 

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