The Globe and Mail reports in its Friday, May 19, edition that National Bank Financial analyst Maxim Sytchev has upgraded his recommendation for Ritchie Bros. Auctioneers to "outperform" from "sector perform." The Globe's David Leeder writes that Mr. Sytchev is sticking with his $61 (U.S.) share target. Analysts on average target the shares at $66.71 (U.S.). Mr. Sytchev says in a note: "Since reporting Q1/23 results after close on May 10 (which included 11 days of IAA's contributions), RBA shares have pulled back 11 per cent, approaching the November, 2022 nadir when the transformational acquisition was initially announced. While a multitude of risks related to the IAA integration remain, we remain constructive on both the heavy equipment and salvage vehicle auctioneering space. ... We believe the material multiple compression now reflects an overly punitive view of the pro-forma business. Although we do not think that RBA shares will fully regain their historical valuation premium in the short term, the current multiple is a full 2.6 standard deviations below this mean and presents an attractive entry point for a quality company with a resilient margin and a significant anti-cyclical earnings profile."