The Globe and Mail reports in its Friday, Nov. 10, edition that RBC Capital Markets analyst Sabahat Khan has reaffirmed his "outperform" recommendation for RB Global. The Globe's David Leeder writes in the Eye On Equities column that Mr. Khan trimmed his share target back by $2 (U.S.) to $73 (U.S.). Analysts on average target the shares at $71.86 (U.S.).
Mr. Khan says in a note: "RB Global Inc. reported Q3 results that were well ahead of RBC/consensus forecasts, reflecting strong results from both Ritchie Bros.' 'legacy' business and the acquired IAA business. The strong results were somewhat overshadowed by a customer loss at IAA. While this is a negative development, we believe the strong recent results, progress with synergy realization, a supportive operating backdrop, and continued leverage reduction position Ritchie Bros. well over the coming year."
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