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