CIBC Initiate Coverage CIBC’s Krista Friesen initiated coverage of RB Global Inc.with an “outperformer” rating and US$95 price target, exceeding the US$86.12 average.
“We believe RBA’s current valuation reflects uncertainty around the integration and synergy opportunities of its $7-billion transformational acquisition of auto salvage business IAA, Inc. We believe the discount is unwarranted given the opportunities we see within the auto salvage industry, the synergies within the RBA legacy business, and management’s ability to improve operations within IAA,” she said.