Ritchie Bros. Auctioneers (NYSE:RBA) was upgraded by equities researchers at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $22.50 target price on the stock, up from their previous target price of $18.00. BMO Capital Markets’ price target would suggest a potential upside of 21.29% from the stock’s previous close.
The analysts wrote, “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 (NYSE:RBA) traded up 2.59% on Thursday, hitting $19.03. 382,292 shares of the company’s stock traded hands. Ritchie Bros. Auctioneers has a 52 week low of $18.20 and a 52 week high of $23.57. The stock’s 50-day moving average is $19.08 and its 200-day moving average is $20.00. The company has a market cap of $2.033 billion and a price-to-earnings ratio of 26.88.
Ritchie Bros. Auctioneers (NYSE:RBA) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $128.32 million for the quarter, compared to the consensus estimate of $125.20 million. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. Analysts expect that Ritchie Bros. Auctioneers will post $0.75 EPS for the current fiscal year.
A number of other firms have also recently commented on RBA. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Ritchie Bros. Auctioneers in a research note to investors on Wednesday, October 9th. They now have a $18.00 price target on the stock, down previously from $20.00. Separately, analysts at Zacks upgraded shares of Ritchie Bros. Auctioneers from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, September 10th. They now have a $19.70 price target on the stock. Finally, analysts at Longbow Research initiated coverage on shares of Ritchie Bros. Auctioneers in a research note to investors on Friday, September 6th. They set a “neutral” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $20.77.
Ritchie Bros. Auctioneers Incorporated and its subsidiaries sells industrial equipment and other assets for the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries at its unreserved auctions worldwide.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.