Ritchie Bros Gets a Hold Rating from Oppenheimer

In a report released yesterday, Scott Schneeberger from Oppenheimer assigned a Hold rating to Ritchie Bros (NYSE: RBA). The company’s shares closed yesterday at $32.96.

Schneeberger wrote:

“RBA started 2018 on a solid note with 1Q18 outperforming revenue/operating expectations. 1Q18 total revenue, which reflected a 1Q18 revenue recognition accounting change, increased 30% y/y to $260.2M from $199.4M in 1Q17, which was restated from $124.5M under the previous accounting recognition. 1Q18 agency proceeds, which represents revenue as it’d been reported under the previous accounting standard, grew 36% y/y to $169.8M vs. our estimate/1Q17 (both unadjusted) of $145.4M/$124.5M, respectively. RBA highlighted achieving the strong revenue and agency proceeds growth via the “capabilities of the combined company to win new business, tap into existing customers, and drive multi-channel offerings despite supply constraints and fewer auctions and selling days.” Encouraged by RBA’s momentum, we’re maintaining Perform considering the likelihood of continued tight supply in 2018.”

According to TipRanks.com, Schneeberger is a 5-star analyst with an average return of 13.5% and a 69.8% success rate. Schneeberger covers the Services sector, focusing on stocks such as Service Corp International, Landstar System Inc, and General Finance.

Currently, the analyst consensus on Ritchie Bros is Moderate Buy and the average price target is $35.50, representing a 7.7% upside.

In a report issued on May 7, Barrington also maintained a Hold rating on the stock.

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Based on Ritchie Bros’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $17.14 million. In comparison, last year the company had a net profit of $10.38 million.

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Ritchie Bros. Auctioneers, Inc. is an industrial auctioneer, which engages in the sale of equipment to on-site and online bidders. It operates through the following segments: Auctions and Marketplaces, Ritchie Bros. Financial Services, and Mascus.