The Globe and Mail reports in its Tuesday, Nov. 21, edition that National Bank Securities analyst Maxim Sytchev boosted his rating for Ritchie Bros. Auctioneers to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev believes most of Ritchie's bad news is now built into the stock. He says in a note: "Avoiding linear thinking on dislocated stories is not easy to do because we have to make a mental leap that the current dire state of affairs (macro and/or micro) is not a permanent shift. RBA investment thesis reminds us of SNC in 2012 and Stantec/Finning in 2016 (for different reasons). In those instances, strong balance sheets and macro improvements helped shift the sentiment, over time, into a more positive state, propelling the shares higher as a result. RBA's share price is now sitting below the levels of Q2/16 disappointment when the company's discussion around the competitive dynamic spooked the market (only to more than reverse on the back of IronPlanet (IP) transaction that would have alleviated the competition concerns)." Mr. Sytchev raised his share target to $30.50 (U.S.) from $28 (U.S.). Analysts on average target the shares at $26.22 (U.S.).
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