UPDATE: Credit Suisse Lowers PT on Ritchie Bros. Auctioneers as CEO Loss is a Blow to the Stock

In a report published Wednesday, Credit Suisse analyst Hamzah Mazari reiterated a Neutral rating on

, but lowered the price target from $20.00 to $18.00. In the report, Credit Suisse noted, “We expect RBA shares to come under pressure tomorrow on the announcement that the CEO is stepping down in 2014 and are cutting our estimates and valuation on choppy execution and growing pains associated with new leadership. Our 2013E EPS goes to $0.79 from $0.82 based on updated September gross auction proceeds (GAP) figures. Our 2014E EPS is $0.87. We are cutting our target to $18from $20. Our target is based on 21x normalized EPS of $0.95 discounted back. Our multiple is below what RBA shares have traded for historically given lack of GAP growth.” Ritchie Bros. Auctioneers closed on Tuesday at $19.23.