Jefferies Cuts Price Target on Ritchie Bros. Auctioneers (RBA) to $28 Following 2Q Results
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Jefferies maintained a Hold rating on Ritchie Bros (NYSE: RBA), and cut the price target to $28.00 (from $35.00), following the company's 2Q earnings report. Gross Auction Proceeds (GAP) were up 1% y/y in the quarter, but were negatively impacted by lower pricing across various sectors as the overall number of lots ytd are up nearly 20%.. Fee based revenues increased 31% y/y and continue to be additive to the company's revenue stream.
Analyst Stephen Volkmann commented, "RBA reported 2Q EPS of $0.37, below our $0.41 estimate and Consensus of $0.44. The reported ARR in the quarter of 12.45% was a solid result and does include some fee-based work (~$40.6mln). July YTD GAP of $2.6bln is up 4% y/y although timing of auctions can skew this metric. For the quarter net sales increased 2% y/y with FX being a 2ppt headwind."
Shares of Ritchie Bros closed at $29.35 yesterday.
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