CIBC initiated coverage of RB Global with an Outperformer rating and $95 price target. The firm believes RB’s current valuation reflects uncertainty around the integration and synergy opportunities of its “transformational” acquisition of auto salvage business IAA. However, CIBC believes “the discount is unwarranted” given the opportunities in the auto salvage industry, the synergies within RB’s legacy business, and management’s ability to improve operations within IAA.
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