September 24, 2013 10:13 AM | 1 min read |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
In a report published Tuesday, Citigroup analyst Oliver Chen upgraded the rating on
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
(NYSE: BID) from Neutral to Buy, and raised the price target from $45.00 to $55.00.In the report, Citigroup noted, “We're upgrading BID to Buy as we do expect Sotheby's to evaluate & execute upon a combination of activities which should drive stock upside from here: HQ sale leaseback, monetization of accounts receivable, return to selling of lower value lots, incremental leverage, LBO/M&A, and/or revenue driving strategic options. Strategically speaking: BID could return to selling lower value lots, license the brand into other disciplines, and pursue eComm/Asia even more aggressively while leveraging its existing brand brawn. We also believe a global M&A backdrop supports valuation & our LBO analysis indicates a 15-18% return achievable at a $50-55 price. In our view, BID will need to make choices given new owners: 5.7% Third Point, 4.9% Marcato, & 3% Trian.”Sotheby's closed on Monday at $47.57.
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