Jefferies Cuts Price Target on Ritchie Bros. Auctioneers (RBA) to $28 Following 2Q Results
Get Alerts RBA Hot Sheet
Rating Summary:
9 Buy, 10 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
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."
For an analyst ratings summary and ratings history on Ritchie Bros click here. For more ratings news on Ritchie Bros click here.
Shares of Ritchie Bros closed at $29.35 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Recruit Holdings Co., Ltd (6098:JP) (RCRUY) PT Raised to JPY7,800 at Jefferies, 'emerged stronger since the last earnings season'
- Teleperformance (TEP:FP) (TLPFY) PT Lowered to EUR125 at RBC Capital, 'perceived risk profile makes it a no-fly zone for many investors'
- Moderna (MRNA) PT Raised to $125 at Jefferies
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Jefferies & Co, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!