July 10, 2017 / 4:28 PM / in 3 months

BUZZ-Ritchie Bros Auctioneers: Hits 1-yr low after weak auction metrics

** Canadian heavy equipment reseller’s U.S.-listed shares fall as much as 7.3 pct to more than one-year low of $26.94

** RBA on Friday reported an 18 pct drop in Q2 gross auction proceeds from IronPlanet, due to a fall in equipment production

** CIBC downgrades to “neutral” from “outperformer”, slashes PT by $8 to $28; TD Securities trims PT to $27 from $28

** CIBC cites softness in RBA’s recently acquired e-commerce site IronPlanet and weak June auction metrics

** “Given the challenges inherent in an integration, the slowness of the U.S. infrastructure build and RBA’s high valuation ... we are disinclined to take a wait-and-see approach on the stock,” CIBC analysts say

** 8 of 15 brokerages rate RBA “hold”, 5 “buy” or higher and 2 “sell” or lower; median PT $31

** Up to Friday’s close, stock had fallen 14.5 pct this year

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