Barrington Research Bumps Up Estimates for Sotheby's Class A

In a report published Thursday, Barrington Research analyst Kristine Koerber reiterated an Outperform rating and $50.00 price target on

. In the report, Barrington Research noted, “Increasing our FQ14/14 estimates; Q1 supply looking good. Following the close of the quarter, we are increasing our FQ4/14 EPS estimate to $1.28 from $1.24. Consequently, our FY/14 EPS estimate goes to $2.11 from $2.07 and believe slight upside may still exist. We are maintaining our FY/15 EPS estimate of $2.48. Sotheby's FQ4/14 aggregate auction sales totaled $2.5 billion, an increase of nearly 10% YOY. We were initially modeling auction sales of $2.3 billion for Q4. While Q1 is typically an unprofitable quarter due to lack of any major auctions, we note that supply for the London auctions in February is shaping up to be quite strong.” Sotheby's Class A closed on Wednesday at $41.30.