Liquidity Services Upgraded to Buy at Bank of America Corp. (LQDT)
Liquidity Services (NASDAQ:LQDT) was upgraded by research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a report released on Wednesday, Analyst Ratings.Net reports. The firm currently has a $45.00 target price on the stock, up from their previous target price of $28.50. Bank of America Corp.’s target price indicates a potential upside of 32.35% from the company’s current price.
The analysts wrote, “Liquidity Services GMV numbers have reaccelerated in July ($81mn, up 7.1% y/y) and August ($90mn, up 14.5% y/y) from organic declines in FYQ3 (down 11% y/y). With more than $171mn in the first two months of the quarter, we now believe LQDT will beat our FY4Q estimate of $223mn (guidance of $200-225mn) by a large margin and are raising our quarterly estimate to $250mn. Even at this higher level, the implied Sept number of $78mn is still down 10% y/y, a conservative assumption in our view. July/August GMV numbers make us cautiously optimistic that organic growth has returned to LQDT. However, it is still difficult to explain why the only at-scale player with single digit penetration in a highly fragmented +$150bn reverse supply chain industry would show y/y organic declines in five of the first six months of 2013.”
Several other analysts have also recently commented on the stock. Analysts at Roth Capital raised their price target on shares of Liquidity Services (NASDAQ:LQDT) from $36.00 to $37.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Benchmark Co. raised their price target on shares of Liquidity Services (NASDAQ:LQDT) from $38.00 to $40.00 in a research note to investors on Tuesday. They now have a “buy” rating on the stock. Finally, analysts at Deutsche Bank cut their price target on shares of Liquidity Services (NASDAQ:LQDT) from $35.00 to $32.00 in a research note to investors on Friday, August 9th.
One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Liquidity Services has a consensus rating of “Buy” and an average target price of $36.99.
Liquidity Services (NASDAQ:LQDT) traded up 6.85% on Wednesday, hitting $36.33. The stock had a trading volume of 302,250 shares. Liquidity Services has a 1-year low of $27.26 and a 1-year high of $57.42. The stock has a 50-day moving average of $30.23 and a 200-day moving average of $32.62. The company has a market cap of $1.153 billion and a P/E ratio of 30.63.
Liquidity Services (NASDAQ:LQDT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.00 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.51 by $0.51. Analysts expect that Liquidity Services will post $1.75 EPS for the current fiscal year.
Liquidity Services, Inc is an auction marketplace for surplus and salvage assets. The Company enables buyers and sellers to transact in an automated online auction environment offering over 500 product categories.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.