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By: Dividend Daily
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
Sotheby’s (BID) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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