Cowen Raises Price Target on Sotheby's (BID) After Meeting with Management
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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.
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Related EntitiesCowen & Co, Definitive Agreement
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