UPDATE: BMO Capital Markets Lowers PT on Ritchie Bros. Auctioneers on Q1/13 Auction Data

In a report published Wednesday, BMO Capital Markets analyst Bert Powell reiterated an Underperform rating on Ritchie Bros. Auctioneers (NYSE: RBA ), but lowered the price target from $21.00 to $19.00. In the report, Powell noted, “We believe the Q1/13 auction data highlights our previously stated concerns surrounding industry dynamics