UPDATE: Bank of America Bank of America Downgrades Liquidity Services to Underperform, Lowers PT Following Disappointing GSS Numbers

In a report published Monday, Bank of America analyst Nat Schindler downgraded the rating on Liquidity Services LQDT from Buy to Underperform, and lowered the price target from $45.00 to $31.00. In the report, Bank of America noted, “Liquidity reported September GSS numbers of $77mn, down 11% y/y, bringing total quarterly GMV value to $250mn in line with our $250mn GMV estimate. While Liquidity hit our estimate, we were disappointed with Sept. GSS because the July and August numbers suggested a return to growth – Sept just reverted to the mean y/y declines we saw in the first six months of the year, an uninspiring trend.” Liquidity Services closed on Friday at $32.77.