RB Global price target raised to $107 from $99 at RBC Capital

RBC Capital raised the firm’s price target on RB Global (RBA) to $107 from $99 and keeps an Outperform rating on the shares. The company reported Q3 revenue short of forecasts while adjusted EBITDA and EPS were ahead of consensus, with the more notable item of the quarter being the announcement that IAA was selected as the sole salvage partner for a customer in Australia, the analyst tells investors in a research note. RB Global continues to execute well on its base operations, with customer wins in IAA reflecting the upside to the firm’s base case, RBC adds.