FinancialContent is the trusted provider of stock market information to the media industry.
March 07, 2012 at 08:54 AM EST
Sotheby’s Cut to “Perform” at Williams Capital (BID)

Auction giant Sotheby’s (BID) on Wednesday caught a big downgrade from analysts at Williams Capital.

The firm said it lowered its rating on BID from “Outperform” to “Perform” with a $34.50 price target. That target suggests a nearly 7% downside to the stock’s Tuesday closing price of $37.03.

Williams noted that weakening sales growth is cutting into BID’s margins and earnings, hence the downgrade.

Sotheby’s shares posted modest gains in premarket trading Wednesday.

The Bottom Line
Shares of Sotheby’s (BID) have a .86% dividend yield, based on last night’s closing stock price of $37.03. The stock has technical support in the $30-$35 price area. If the shares can firm up, we see overhead resistance around the $40 price level.

Sotheby’s (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here
   
Financial Widgets

Display market data, financial news or stock quotes - Learn More

Advertising Network

Advertise on FinancialContent's huge network - Learn More

Web Services

Power your internet and wireless applications - Learn More