RBC Capital Initiates Ritchie Bros With Sector Perform Rating

RBC Capital analyst Sabahat Khan initiated Ritchie Bros Auctioneers Inc. RBA with a Sector Perform rating and a price target of $65, implying an upside of 5.6%.
Khan says the company has made "significant progress" towards transitioning from an "auctioneer" to a "marketplace."
The analyst believes the firm's target multiple fairly reflects the current operating backdrop.
In three years, Ritchie Bros. sold 34,000+ items through Marketplace-E for $1.2+ billion. The company had launched its Marketplace-E solution as a price-controlled option for consignors with Make Offer and Buy Now formats.
Price Action: RBA shares closed lower by 2.21% at $61.57 on Friday.