Cowen Raises Price Target on Sotheby's (BID) After Meeting with Management
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Cowen reiterated a Market Perform rating on Sotheby's (NYSE: BID), and raised the price target to $38.00 (from $36.00), after meeting with management. Management commented that talent gaps within the organization have been largely addressed following the employee voluntary buyouts and acquisition of AAP earlier this year.
Analyst Oliver Chen commented, "Raise to $38 PT (old $36) & reit. Market Perform as we have new conviction on BID's ability to profitably grow over the long -term given CEO’s focus, but still cautious on consignor reluctance. Key topics: art market & leading indicators, 2016 growth initiatives focused on talent & digital/tech, and new Taikang stake."
Shares of Sotheby's closed at $37.30 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Oppenheimer Raises Price Target on Bob Evans Farms (BOBE) Following 2Q EPS Beat
- BMO Capital Raises Price Target on Illinois Tool Works (ITW) to $145 Following Investor Day
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCowen & Co, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!