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Upgrade Alert for Ritchie Bros Auctioneers (RBA)

By Shiri Gupta

Ritchie Bros Auctioneers (NYSE:RBA) was upgraded from Underperform to Neutral at BofA/Merrill today. The stock closed yesterday at $34.83 on volume of 3.1 million shares, above average daily volume of 461,000.

Over the past year, Ritchie Bros Auctioneers has traded in a range of $21.03 to $35.93 and closed yesterday at $34.83, 66% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.8%.

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.

Ritchie Bros Auctioneers (NYSE:RBA) defies analysts with a current price ($34.83) 13.5% above its average consensus price target of $30.14. The stock should discover initial support at its 50-day moving average (MA) of $26.67 and subsequent support at its 200-day MA of $25.77.

SmarTrend is monitoring the recent change of momentum in Ritchie Bros Auctioneers. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ritchie Bros Auctioneers in search of a potential trend change.

Keywords: analyst upgrades/downgrades ritchie bros auctioneers

Ticker(s): RBA