UPDATE: Bank of America Increases PT on Liquidity Service from $55 to $62

Bank of America maintained a Buy on Liquidity Service

and increased its price target from $55 to $62. Bank of America wrote, “Liquidity Services reported a strong fiscal Q3 with GMV/adjusted EBITDA coming in at $225.6mn/$33.4mn. GMV of $225.6mn (a 52% y/y increase) easily beat our $220.3mn estimate due to higher than expected growth in the retail supply chain and commercial capital assets segments. Registered buyers increased 13% y/y to 1.76mn, auction participants increased 20% y/y to 537k while completed transactions increased 10% y/y to 126k.” Liquidity Service closed at $45.72 on Tuesday.