UPDATE: Bank Of America Reiterates On Liquidity Services After Losing Largest Commercial Customer

In a report published Monday, Bank of America analyst Nat Schindler reiterated an Underperform rating on

, but lowered the price target from $11.00 to $9.00. In the report, Bank of America noted, “On Friday afternoon, Liquidity Services announced on December 1st, 2014 the company received a written notice of termination from Walmart, its largest retail partner representing 11% of GMV in FY14. The termination notice is effective December 8th, 2014, though LQDT does not expect the termination to impact 4Q results. Walmart's termination notice alleges that Liquidity Services failed to comply with certain provisions of the contract with respect to service level requirements and restrictions on the disposition of merchandise. Liquidity Services is contesting the termination of the agreement which was originally scheduled to end in May of 2016.” Liquidity Services closed on Friday at $10.26.