Benzinga | Sep 20, 2021 07:36AM EDT

RBC Capital Initiates Ritchie Bros With Sector Perform Rating

* RBC Capital analyst Sabahat Khan initiated Ritchie Bros Auctioneers Inc. (NYSE: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.