Wedbush Morgan Maintains a 'Neutral' on Sotheby's (BID); Raises PT as Investors Look Past Near-Term Challenges
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Wedbush Morgan maintains a 'Neutral' rating on Sotheby’s (NYSE: BID), raises price target from $10.50 to $15.
Wedbush analyst says, "Given the recent improvement in global equity and other financial markets, the corresponding increase in global wealth should provide impetus for increased demand in the art market over the next several quarters. Though prospective art sellers continue to sit on the sidelines, somewhat constraining supply in the near term, we believe investors are already looking past near term challenges and forecasting overall improvement in the art market longer term. Given growing confidence for an eventual market recovery, if we use the 10-year historical average forward P/E of 21x on Sotheby’s average EPS from 2001-2010E, we arrive at our new price target of $15."
To see more analyst ratings on BID Click Here.
Sothebys, together with its subsidiaries, operates as an auctioneer of fine art, antiques and decorative art, and jewelry and collectibles primarily in the United States, the United Kingdom, the People's Republic of China, and France.
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