Market Overview

UPDATE: Credit Suisse Lowers PT on Ritchie Bros. Auctioneers as CEO Loss is a Blow to the Stock

Share:

In a report published Wednesday, Credit Suisse analyst Hamzah Mazari reiterated a Neutral rating on Ritchie Bros. Auctioneers (NYSE: RBA), but lowered the price target from $20.00 to $18.00.

In the report, Credit Suisse noted, “We expect RBA shares to come under pressure tomorrow on the announcement that the CEO is stepping down in 2014 and are cutting our estimates and valuation on choppy execution and growing pains associated with new leadership. Our 2013E EPS goes to $0.79 from $0.82 based on updated September gross auction proceeds (GAP) figures. Our 2014E EPS is $0.87. We are cutting our target to $18from $20. Our target is based on 21x normalized EPS of $0.95 discounted back. Our multiple is below what RBA shares have traded for historically given lack of GAP growth.”

Ritchie Bros. Auctioneers closed on Tuesday at $19.23.

Latest Ratings for RBA

DateFirmActionFromTo
Feb 2020OTR GLobalDowngradesPositiveMixed
Aug 2019BairdMaintainsOutperform
Aug 2019Bank of AmericaReiteratesUnderperform

View More Analyst Ratings for RBA
View the Latest Analyst Ratings

 

Related Articles (RBA)

View Comments and Join the Discussion!

Posted-In: Credit Suisse Hamzah MazariAnalyst Color Price Target Analyst Ratings

Latest Ratings

StockFirmActionPT
XLRNH.C. WainwrightMaintains137.0
RMTIHC Wainwright & Co.Maintains9.0
HRVSFCantor FitzgeraldMaintains1.1
XOMCFRAUpgrades41.0
PCGMizuhoMaintains12.5
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com