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Investing.com - BofA Securities upgraded Ritchie Bros (NYSE:RBA) from Neutral to Buy on Tuesday, setting a price target of $120.00. The company, currently trading at $101.43 with a market capitalization of $18.8 billion, shows mixed valuation metrics according to InvestingPro data.
The upgrade follows a pullback in RBA’s share price, which BofA Securities believes has created a more favorable risk-reward profile for the leading marketplace for used assets, including construction equipment and salvage vehicles. Technical indicators from InvestingPro suggest the stock is currently in oversold territory, with a notably high P/E ratio of 50.
BofA Securities acknowledged several current overhangs affecting the company, including limited catastrophic events, declining repairable claims, and concerns in the used auto market, but emphasized it was looking beyond these short-term challenges.
The firm does not view Ritchie Bros’ upcoming third-quarter results as a catalyst, noting it does not expect upside to the company’s 2025 guidance.
Instead, BofA Securities is focusing on what it describes as a "positive long-term story" building in 2026, citing expectations that construction equipment will inflect positively, the auto share gain story will develop, and new management will "start flexing its muscles."
In other recent news, RB Global Inc. reported its second-quarter 2025 earnings, surpassing Wall Street expectations with an earnings per share (EPS) of $1.07 compared to the forecasted $0.96. The company also exceeded revenue projections, achieving $1.19 billion against an anticipated $1.13 billion. These results mark an 11.46% surprise in EPS and a 5.31% increase in revenue. Additionally, Ritchie Bros, a division of RB Global, saw its stock price target raised by BMO Capital to $130 from $125, maintaining an Outperform rating due to strong quarterly performance. The company’s automotive business, IAA, contributed to market share gains with recovering heavy volumes. Furthermore, RB Global increased its quarterly dividend by 7% to $0.31 per share. Expanding its international presence, RB Global’s IAA division established a new Market Alliance in Guatemala with Auto Traders of America. This partnership aims to streamline the vehicle purchasing process in Latin America.
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