UPDATE: Jefferies Raises PT to $24 on Ritchie Bros. Auctioneers on Improved Fundamentals

Jefferies reiterated its Hold rating on Ritchie Bros. Auctioneers (NYSE: RBA ) but raised its price target from $21 to $24. Jefferies noted, "RBA completed their final auction of the year last week and reported an annual Gross Auction Proceed of $3.9 bln, $50 mln ahead of our expectation.