Famous New York auction house Sotheby's (
) on Monday caught a big downgrade from analysts at
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
The Bottom Line
Shares of Sotheby's (
) 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.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.1 out of 5 stars.
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