Liquidity Service (LQDT) PT, Estimates Lowered at BofA/Merrill Lynch

BofA/Merrill Lynch analyst Nat Schindler lowered his price target on Underperform-rated Liquidity Services (NASDAQ: LQDT) to $9.00 (from $11.00) after the company announced it has received a letter of termination for the Walmart contract effective December 8th, 2014.

"Walmart was Liquidity Services largest client after the Defense Logistics Agency in 2014 representing 11% of GMV," the analyst notes.

The firm is lowering FY15 and FY16 est. GMV/EBITDA to $832mn/$0.50 and $843mn/$0.66.

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 $10.26 yesterday.

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