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Sothebys Cut to “Hold” at Craig-Hallum; Slowing China Growth Could Hurt Bottom Line (BID)

By Dividend.com,  July 16, 2012, 09:41:40 AM EDT

Famous New York auction house Sotheby's ( BID ) on Monday caught a big downgrade from analysts at Craig-Hallum.

The firm cut its rating on BID from "Buy" to "Hold" with a $35 price target, suggesting an 8% upside to the stock's Friday closing price of $32.29. Craig-Hallum noted the company faces slowing growth in China and that tough comps could make its upcoming earnings look weak on a year-over-year basis.

Sotheby's shares fell 81 cents, or -2.5%, in Monday morning trading.

The Bottom Line
Shares of Sotheby's ( BID ) have a .99% dividend yield, based on Friday's closing stock price of $32.29. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$36 price levels.

Sothebys ( BID ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: BID



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