As previously reported, Scotiabank analyst Michael Doumet upgraded Ritchie Bros. to Outperform from Sector Perform before the market open with a $46 price target. Although a softer macro environment favorably positions Ritchie relative to equipment peers, Doumet said his change in rating was not due to the worsening macro sentiment due to the COVID-19 outbreak. The acquisition and integration of IP has driven a "step-change" in Ritchie's free cash flow generation, which he believes has been underappreciated by the Street despite the fact that the company "has put together a number of impressive quarterly results," Doumet said.