- BofA/Merrill's Nat Schneider has lifted Liquidity (LQDT +5.3%) all the way to Buy from Underperform, and has raised its PT to $45 from $28.50.
- Schneider reports the salvage auction site's gross merchandise volume (GMV) grew 7.1% Y/Y in July and 14.5% in August after falling 11% in FQ3 (the June quarter) on an organic basis. As a result, he expects Liquidity to beat his prior FQ4 GMV estimate of $223M "by a large margin." The company's FQ4 GMV guidance stands at $200M-$225M.
- Nonetheless, Schneider states it's "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."
- Shares still -12% YTD due to the disappointing numbers provided earlier this year. 37% of the float was shorted as of Aug. 15.
From other sites
at CNBC.com (Apr 3, 2014)
at CNBC.com (Mar 8, 2013)
at CNBC.com (Feb 7, 2013)
at CNBC.com (Oct 15, 2012)
at CNBC.com (Oct 12, 2012)
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