UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Liquidity Services Following In-Line September Quarter Results

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on Liquidity Services LQDT, but lowered the price target from $32.00 to $28.00. In the report, Deutsche Bank noted, “LQDT reported largely in-line results for the September quarter, but guided to 10% below consensus for FY14 EBITDA on higher levels of investment and mix shift to lower margin product flows at the DoD (the company's highest profit segment). This marks the 4th quarter in a row of reduced outlook, and these value-trap situations are challenging to identify the pivot, clearly not right now for LQDT. At 6x 2015 EBITDA, we are keeping our Buy rating, but similar to the previous four quarters, are struggling to identify a catalyst.” Liquidity Services closed on Thursday at $21.13.