Ritchie Bros. Auctioneers (RBA): Raising PT 31% - BMO
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BMO Capital analyst, Bert Powell, reiterated his Market Perform rating on shares of Ritchie Bros (NYSE: RBA) and thinks there is "more opportunity for growth and operating leverage". He also raised his price target to $38 from $29.
The analyst stated "The acquisition of IronPlanet (IP) has a multitude of benefits. This transaction, while missing data points that would be helpful in understanding IP, firmly distances RBA from its past. Near term, notwithstanding all the “fits”, integration, building new sectors and geographic expansion take time. We believe the stock is discounting some of the future, and while it appears there may be more opportunity for growth and operating leverage, we would let the stock settle down, and more details surface, before we become more constructive".
Shares of Ritchie Bros closed at $35.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesBMO Capital, Definitive Agreement
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