Heritage Global price target lowered to $5 from $6 at Lake Street

Lake Street lowered the firm’s price target on Heritage Global to $5 from $6 and keeps a Buy rating on the shares after the company reported Q1 results below estimates due to softness in Industrial auctions and a tough year-over-year comparison. While the Q1 miss is “disappointing,” the firm expects “a nice bounce back in Q2” as it argues that the macro environment remains “highly constructive” for Heritage.