Oppenheimer on Liquidity Services (LQDT): Recent Sell-off Offers Attractive Entry Point
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Price: $43.47 +1.23%
Rating Summary:
5 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Oppenheimer maintains an 'Outperform' on Liquidity Services (NASDAQ: LQDT) price target of $75.00 (from $72.00).
Analyst, Jason Heldstein, said, "We believe the recent sell-off in LQDT shares creates a buying opportunity as GSS is treading above the high-end of guidance. Last week, LQDT shares declined 12% vs. a 1% gain for the S&P 500 and +0.5% for the NASDAQ. We believe the sell-off was caused by concerns over weaker May GovDeals GSS data, and the perception of difficult y/y Commercial comps in June. However, 1) the upside in the Commercial and Surplus segments more than offsets GovDeals and Scrap; and 2) last year's m/m trends for Commercial GSS June were impacted by the June 1 acquisition of TruckCenter."
Q3 EPS estimate raised from $0.47 to $0.49, FY12 from $1.64 to $1.66 and FY13 from $2.04 to $2.20.
For an analyst ratings summary and ratings history on Liquidity Services click here. For more ratings news on Liquidity Services click here.
Shares of Liquidity Services closed at $56.41 yesterday.
Analyst, Jason Heldstein, said, "We believe the recent sell-off in LQDT shares creates a buying opportunity as GSS is treading above the high-end of guidance. Last week, LQDT shares declined 12% vs. a 1% gain for the S&P 500 and +0.5% for the NASDAQ. We believe the sell-off was caused by concerns over weaker May GovDeals GSS data, and the perception of difficult y/y Commercial comps in June. However, 1) the upside in the Commercial and Surplus segments more than offsets GovDeals and Scrap; and 2) last year's m/m trends for Commercial GSS June were impacted by the June 1 acquisition of TruckCenter."
Q3 EPS estimate raised from $0.47 to $0.49, FY12 from $1.64 to $1.66 and FY13 from $2.04 to $2.20.
For an analyst ratings summary and ratings history on Liquidity Services click here. For more ratings news on Liquidity Services click here.
Shares of Liquidity Services closed at $56.41 yesterday.
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