RB Global price target raised to $121 from $118 at CIBC

CIBC raised the firm’s price target on RB Global (RBA) to $121 from $118 and keeps an Outperformer rating on the shares. Since reporting Q1 earnings, the E&C companies within the firm’s coverage have seen their share prices rise about 22% on average and the heavy equipment companies have also seen their share prices increase about 22%, both notably outperforming the S&P/TSX. While valuation paints a different picture, with certain names trading near record highs, and others continuing to trade below their historical average, CIBC sees a constructive macro backdrop that the firm believes is supportive of the elevated multiples and should help drive those which have lagged behind.