$RBA.TO

CIBC Says Buybacks in E&C, Heavy Equipment Space, Influenced by AI Narrative

CIBC Capital Markets said buyback activity in the engineering & construction and heavy equipment companies it covers appear to be influenced by an artificial intelligence narrative.Citing the most recent SEDI filings, CIBC analyst Krista Friesen observed share-buyback activity at AtkinsRealis (ATRL.TO), Badger Infrastructure (BDGI.TO), Finning International (FTT.TO), RB Global (RBA.TO), and Stantec (STN.TO)."Unsurprisingly, a number of the companies that have been negatively impacted by the current AI narrative have been more active than usual on their buybacks such as Stantec, which has not repurchased shares since 2023," Friesen writes.AtkinsRealis has increased its activity relative to recent quarters; and RB Global recently introduced a normal course issuer bid (NCIB).A "notable" outlier is WSP Global (WSP.TO), which does not have an NCIB in place, but is down nearly 33% YTD due largely to the AI narrative, Friesen adds.Price: $83.66, Change: $-0.25, Percent Change: -0.30%

CIBC Comments on Ontario's Defence Industrial Strategy Framework

Ontario released its Defence Industrial Strategy framework last week, formalizing defense as a priority area of industrial policy, with a 10-year focus on scaling domestic capacity, technology development and supply chains, notes CIBC Capital Markets.The framework remains high-level, with no specific projects or procurement timelines disclosed as yet.For analyst Krista Friesen, the strategy is another supportive data point for Canadian companies that have exposure to defense spending, including the E&C companies within CIBC's coverage.The framework is structured around four pillars. The first pillar, strengthening the domestic industrial base, aims to expand manufacturing capacity and support production across aerospace, energy and related industrial sectors."This points to increased activity tied to facility construction, plant upgrades and industrial site development. For the E&Cs, this represents potential exposure to the build-out of manufacturing and processing facilities tied to defence supply chains, as well as broader infrastructure required to support production," Freisen writes.The second pillar advances emerging and dual-use technologies, including advanced manufacturing, aerospace systems and related R&D infrastructure.The third pillar aims to boost defense exports, while the fourth pillar is focused on integrating supply chains, linking upstream inputs such as critical minerals with downstream manufacturing, assembly and delivery. "This has cross-sector implications, as defence programs increasingly require coordinated multi-tier supply networks. For covered names, this expands the potential scope across project lifecycles, from front-end engineering to construction and commissioning, and ongoing equipment and operational support," the analyst noted.A fourth pillar includes "integrating supply chains, linking upstream inputs such as critical minerals with downstream manufacturing, assembly and delivery".The framework is being introduced alongside higher defense spending commitments, including $81.8 billion of incremental federal investment over five years. Ontario has also outlined potential economic impacts of up to 43,000 jobs and approximately $6.0 billion of incremental GDP by 2035.Price: $82.08, Change: $-0.64, Percent Change: -0.77%

RB Global Says Ritchie Bros. Generated More Than $175 Million in GTV at Premier Canadian Auction in Edmonton

Ritchie Bros. Auctioneers sold more than 10,300 equipment items, trucks and vehicles at its premier Canadian auction event in Edmonton, AB, last week, generating more than $175 million in gross transaction value (GTV), RB Global (RBA.TO) said on Wednesday."Despite a condensed sale cycle and an expanded auction calendar, we saw strong engagement across a diverse selection of assets, particularly late-model, low-hour equipment," said Ritchie Bros. Senior Vice President of Canada Sales Jordan Clarke.Shares of RB Global were last seen down near 0.4% at $144.78 on the Toronto Stock Exchange.Price: $144.71, Change: $-0.69, Percent Change: -0.47%

Ritchie Bros. Says Generated C$175 Million-pls in Gross Transaction Value at Premier Canadian Auction in Edmonton

CIBC Confirms Outperformer Rating on RB Global and Raises Target to US$134 On Q1 Results

CIBC Capital Markets maintained its outperformer rating on RB Global (RBA.TO, RBA) and raised ts price target to US$134 from US$132 after the company reported its first-quarter financial results on Monday.The company delivered a "strong Q1, beating expectations and raising FY26 guidance, while continuing to execute well operationally and on its strategic M&A agenda," it noted. CIBC believes the company's "consistent execution across both segments underpins its ability to continue expanding market share, even amid inherent lumpiness in underlying market conditions.""While pockets of macro and geopolitical uncertainty remain, management's focus on growing market share, controlling costs, and allocating capital prudently, leaves us confident in the company's ability to drive earnings growth," said analyst Krista Friesen.The bank tweaked its model having actualized Q1 results and to account for management's commentary. It now forecasts 2026 EBITDA of US$1.51 billion from US$1.48 billion expected earlier and 2027 EBITDA of US$1.58 billion from US$1.57 billion expected earlier.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $145.67, Change: $+2.58, Percent Change: +1.80%

RBA Global Price Target Raised to US$150 at RBC

RBC Capital Markets raised its price target on RBA Global Inc. (RBA.TO, RBA) to US$150 from US$146.Analyst Sabahat Khan maintained an Outperform rating on shares of the global marketplace company following its quarterly results."RBA reported Q1 ahead of consensus (2026 guidance also taken higher), with results reflecting a 5th consecutive quarter of share gains for IAA, strong underlying cost control, and continued M&A activity, all of which we view positively," Khan said in a note to clients."That said, our investor discussions indicate that AI-related concerns have weighed on the shares recently, which we believe is unjustified given RBA's business model/competitive positioning/moat," the analyst said."At a 2026E P/E of 22.8x, we continue to see compelling value in the shares."

RB Global Rises After Q4 Beat; Raises 2026 GTV, EBITDA Outlook

RB Global (RBA.TO) was last seen up 2% in after-hours New York trading after the company on Monday said its first-quarter adjusted profit and revenue beat estimates.Adjusted net income, which excludes most one-time items, rose 17% to US$189.4 million, or US$1.01 per share, from US$165.2 million, or US$0.89. The consensus among analysts polled by FactSet expected US$1.00 per share.Revenue rose 11% year over year to US$1.23 billion, compared to US$1.11 billion in the prior year period, surpassing FactSet analysts estimates of US$1.16 billion. Services revenue stayed flat to US$78.9 million, while inventory sales revenue rose 32% to US$336.9 million, a statement said.For 2026, RB Global expects total gross transaction value growth of 6% to 9%, up from its prior outlook of 5% to 8%. Adjusted EBITDA is projected in the range of US$1.49 billion to US$1.55 billion, compared with earlier guidance of US$1.47 billion to US$1.53 billion."We delivered broad-based GTV growth across all our sectors, underscoring the strength of our growth strategy, the commitment of our teammates, and the value we deliver as trusted partners to our customers," said chief executive Jim Kessler, "our focus remains on what we can control ensuring that we consistently overdeliver on our commitments, particularly in this fluid macroeconomic environment."RB Global was last seen up US$0.13 to US$105.01 after hours. The shares closed up C$0.37 to C$143.09, on the Toronto Stock Exchange.

RB Global Updated Its FY26 Outlook

RB Global Q1 Total Revenue Increased 11% YoY to US$1.2B