KeyBanc Upgrades Ritchie Bros (RBA) to Overweight
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KeyBanc upgraded Ritchie Bros (NYSE: RBA) from Sector Weight to Overweight with a price target of $34. Analyst Joe Box thinks the company's Q2 miss creates a buying opportunity.
"We are upgrading RBA to OW from SW and introducing a $34 price target as we believe cost headwinds in 2Q16 were transitory and its LT strategic plan positions the Company to capitalize on potential non-res construction cyclical weakness that seems imminent. Therefore, we view the recent pullback as an opportunistic entry point, especially in the context of attractive valuation," said Box.
Shares of Ritchie Bros closed at $28.05 yesterday.
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