Raymond James analyst Bryan Fast raised the firm’s price target on Ritchie Bros. (RBA) to $60 from $55 and keeps a Market Perform rating on the shares. Yesterday’s press release and presentation by Ritchie Bros. addressed a number of issues that shareholders advanced in recent months following the announcement of the IAA (IAA) merger transaction, the analyst tells investors in a research note. The deal terms were revised, a new strategic investor was announced, and two new board members were proposed, the firm points out. The higher price target reflects an increase in estimates and accounts for an earlier than expected close of transaction.
Published first on TheFly
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Read More on RBA:
- Ritchie Bros. price target raised to $66 from $62 at Baird
- Ritchie Bros. (TSE:RBA) Amends IAA Acquisition Terms, Gains Investor Support
- Ritchie Bros., IAA merger expected to close in 1H23
- Ritchie Bros. Announces $500 Million Strategic Investment from Starboard Value
- Ritchie Bros. and IAA Announce Amended Merger Agreement That Enhances Value for Ritchie Bros. Shareholders While Increasing Cash Consideration for IAA Shareholders
