UPDATE: Bank of America Downgrades Liquidity Services to Neutral on Near-Term Uncertainty
Bank of America reduced its rating on Liquidity Services (NASDAQ: LQDT) from Buy to Neutral and lowered its price target from $62 to $46.
Bank of America said, "We are lowering Liquidity Services (LQDT) to Neutral while taking our price objective to $46 (from $62) based on 20x (from 27x) our 2013 non-GAAP EPS estimate. Yesterday, LQDT disclosed complete F4Q GMV results and we expect LQDT will report $231mn in GMV which is at the low-end of guidance and $4mn below our $235mn estimate. Given LQDT's recent strong quarterly beats, we believe Street sentiment could deteriorate heading into initial FY13 guidance."
Liquidity Services closed at $43.61 on Thursday.
Latest Ratings for LQDT
|Dec 2014||Bank of America||Maintains||Underperform|
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