Analyst Notes Unrealized Value in Sotheby's (BID) Real Estate

This morning the New York Post reported that Sotheby's (NYSE: BID) is planning to sell its NY headquarters. It then plans to lease back the facility until it finds a new home.

Commenting on the news, Stifel Nicolaus analyst David Schick thinks the report has credibility. He also thinks the news highlights unrealized value at Sotheby's. In his view, Sotheby's NYC and London properties may have $300 million in value above its balance sheet, and perhaps "meaningfully" more.

Stifel Nicolaus has a Buy rating on Sotheby's with a price target of $49.00

For an analyst ratings summary and ratings history on Sotheby's (NYSE: BID) click here. For more ratings news on Sotheby's click here.

Shares of Sotheby's closed at $38.36 yesterday.

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