In a report published Thursday, BMO Capital Markets analyst Bert Powell upgraded the rating on Ritchie Bros. Auctioneers RBA from Underperform to Outperform, and raised the price target from $18.00 to $22.50.
In the report, BMO Capital Markets noted, “We are upgrading Ritchie Bros. to Outperform from Underperform and raising our target price to $22.50 from $18 previously. We believe expectations for weaker-than-expected gross auction proceeds (GAP) in 2013 have played out and it is time for investors to position themselves for an expected earnings recovery in 2014. We have argued that Ritchie Bros. is more of a liquidity story than a simple market share gain story, but now have greater confidence that the increasing salesforce and improving mix of equipment (i.e., newer) will deliver meaningful y/y earnings growth.”
Ritchie Bros. Auctioneers closed on Wednesday at $18.55.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in