RB Global initiated with an Equal Weight at Stephens

Stephens initiated coverage of RB Global (RBA) with an Equal Weight rating and $96 price target RB’s 2023 acquisition of IAA is “a rare example of an acquisition that made sense, was integrated flawlessly and created meaningful shareholder value,” but the combination of valuation, uncertainty and “lack of an A + B=C investment narrative’ keeps us at bay,” the analyst tells investors.