UPDATE: Bank of America Downgrades Ritchie Bros Auctioneers Incorporated to Neutral; Catalysts Lacking

Bank of America downgraded Ritchie Bros (Ritchie Bros Auctioneers Incorporated

from Buy to Neutral and lowered the price objective from $24.00 to $23.00. Bank of America commented, "We downgrade to Neutral, along with a 5% trim to our EPS forecast. Ritchie longterm competitive position still looks robust, but we don't see a catalyst to drive shares meaningfully higher. Ritchie also trades at 22x ‘13 EPS and is a very defensive stock. Since we reinstated in Oct-12, our house view has become more pro-cyclical based partly on accelerating global growth expectations." Ritchie Bros Auctioneers Incorporated closed at $21.57 on Monday.