Cowen Raises Price Target on Sotheby's (BID) After Meeting with Management
- Wall St. opens higher as M&A activity boosts confidence
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- TD Ameritrade (AMTD) to Acquire Scottrade in $4B Cash & Stock Deal
- Pre-Open Stock Movers 10/24: (BEAV) (JPEP) (HLT) Higher; (BAS) (INO) (ADRO) Lower (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial 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
- Oppenheimer Raises Price Target on Microsoft (MSFT) to $65 Following 1Q Beat
- UPDATE: JPMorgan Downgrades ARIAD Pharmaceuticals (ARIA) to Underweight
- Susquehanna Cuts Price Target on KLA-Tencor (KLAC) Following Strong 1Q
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!