Research Outlook For Sotheby's (BID)
Analysts at Craig-Hallum released a research report today, detailing the outlook for auction house Sotheby's (NYSE: BID). Tonight, Sotheby's hosts its first major sale of the year. The London Impressionist and Modern Art sale is expected to gross between $110-163 million.
In the report, the analyst writes "we believe Q1 is setting up to perform at a level well above our Street high estimates." According to Craig-Hallum, the current estimate ranges for auction sales could be more than 25% too low. The firm has a price target of $31 on Sotheby's (BID) shares. In today's trading BID appears to be getting a boost from this bullish report, as it is nearly 3% higher to $25.18.
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