Sotheby's Upgraded by Two Analysts After Drop to 16-Month Low, Yazzy's at www.williamverdult.com
Thursday, January 31, 2008 at 10:34AM
According to Bloomberg -- Sotheby's was upgraded by two analysts after trading at a 16-month low in New York on concern art prices will drop, hurting profit at the auction house.
Jody Kevin Kane, an analyst at Sidoti & Co., raised his rating to buy from neutral, saying Sotheby's was cheap enough at 10 times his earning estimate for 2007, even though profit may slip this year. Daniel Scalzi at Matrix USA went to strong buy from buy.
``We're expecting earnings to weaken,'' Kane said in a telephone interview.
Sotheby's, which sold about $6.2 billion of art last year, is tentatively scheduled to report fourth-quarter results on Feb. 29.
The shares fell 45 cents to $29.06 at 1:26 p.m. in New York Stock Exchange composite trading. They have lost 22 percent in the past year.
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