RB Global upgraded on ‘countercyclical tailwinds’ at Raymond James

Raymond James upgraded RB Global to Outperform from Market Perform with a price target of $75, up from $60. The company is positioned for “increasingly robust countercyclical tailwinds” as the macro uncertainty increases, supply chains loosen, and total loss ratios normalize, the analyst tells investors in a research note. While synergistic merits of the IAA combination are still to be proven, the stock’s discounted valuation has few of the proposed synergies built in, thus offering “significant upside should management ultimately deliver on its strategy,” the analyst tells investors in a research note.