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Upgrade Alert for Ritchie Bros Auctioneers (RBA)

By James Quinn

Ritchie Bros Auctioneers (NYSE:RBA) was upgraded from Negative to Mixed at OTR Global today. The stock closed yesterday at $28.91 on volume of 571,000 shares, above average daily volume of 461,000.

Ritchie Bros. Auctioneers Incorporated auctions industrial equipment, operating through various locations around the world. The Company sells, through unreserved public auctions, used and unused industrial equipment, including equipment used in the construction, transportation, mining, forestry, petroleum, and agricultural industries.

There is potential upside of 4.3% for shares of Ritchie Bros Auctioneers based on a current price of $28.91 and an average consensus analyst price target of $30.14. The stock should find initial support at its 50-day moving average (MA) of $26.31 and further support at its 200-day MA of $25.74.

In the past 52 weeks, Ritchie Bros Auctioneers share prices have been bracketed by a low of $21.03 and a high of $30.85 and closed yesterday at $28.91, 37% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Ritchie Bros Auctioneers on February 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.24. Since that recommendation, shares of Ritchie Bros Auctioneers have risen 23.5%. We continue to monitor RBA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades ritchie bros auctioneers

Ticker(s): RBA