Sotheby's (BID) Shares Climb After Beating Wall Street Estimates

Shares of Sotheby's (NYSE: BID) are up more than 5%, after the auctioneer announced that it returned to a 4th quarter profit, while beating Wall Street estimates.

Sotheby's reported earnings of $73.6 million, or $1.09 per share, compared with a loss of $9.3 million, or 14 cents per share, a year earlier.

Revenue was up 31% from $166.2 million to $218.3 million.

Analysts had estimated earnings of 67 cents per share on revenue of $201.1 million.

Wedbush Morgan reiterated its rating of Sotheby's of Outperform and raised its price target from $28 to $30.