Heritage Global price target lowered to $4 from $5 at Lake Street

Lake Street analyst Mark Argento lowered the firm’s price target on Heritage Global (HGBL) to $4 from $5 and keeps a Buy rating on the shares. Q4 was “a carbon copy of Q3, missing results,” driven by “tepid” auction activity in the Industrial Asset business, the analyst tells investors in an earnings recap. IA activity should pick up, says the firm, which is setting estimates “conservatively, with chunkier deals presenting upside.”