Analysts Still Bullish on Ritchie Bros. Auctioneers

Along with Willaim Blair & Co.’s Bruce Simpson, Blackmont Capital’s Avi Dalfen has the highest annual return rank for analysts that cover Ritchie Bros. Auctioneers Inc. (RBA), according to Bloomberg. Both had “buy” recommendations on the stock throughout 2007.

So it comes as little surprise that Mr. Dalfen remains bullish on the industrial equipment auctioneer, hiking his price target to $92 from $86.50. He has had a “buy” rating on the stock since first initiating coverage in June 2004. The change, meanwhile, reflects the rollover to 2009 estimates, he told clients in a note.

Mr. Dalfen last raised his estimates and target price after Ritchie released its third quarter 2007 results at the end of October.

On Thursday, Ritchie closed at $83.15.