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UPDATE: Citigroup Upgrades Sotheby's on New Picture of Long-Term Value Creation


In a report published Tuesday, Citigroup analyst Oliver Chen upgraded the rating on Sotheby's (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.

Latest Ratings for BID

Jan 2019DowngradesOutperformMarket Perform
Nov 2018UpgradesNeutralBuy
Mar 2018MaintainsOutperformOutperform

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Posted-In: Citigroup Oliver ChenAnalyst Color Upgrades Analyst Ratings


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