UPDATE: Bank of America Downgrades Ritchie Bros. Auctioneers to Underperform Following Disappointing Q1'13 EPS

In a report published Thursday, Bank of America analyst Ross Gilardi downgraded the rating on Ritchie Bros. Auctioneers (NYSE: RBA ) from Neutral to Underperform, and lowered the price target from $23.00 to $17.00. In the report, Gilardi noted, “Based in Canada, RBA is the largest auctioneer of industrial equipment