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Stock Market & Financial Investment News

News Breaks
April 9, 2014
06:37 EDTBIDSotheby's says Loeb slate 'adds no incremental relevant expertise'
Sotheby's last night in a regulatory filing presented a slide presentation against Third Point's slate of board nominees. The auction house said its capital allocation strategy "creates and delivers long term value to shareholders." Sotheby's claims Third Point has made "no case that change is warranted" while the slate of board nominees recommended by Dan Loeb "adds no incremental relevant expertise" to the board.
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January 21, 2015
15:41 EDTBIDSotheby's Q1 catelogs accelerating topline potential, says Stifel
Stifel said Sotheby's may be regaining some traction and believes Q1 catalogs indicate accelerated top-line trend potential. The analyst said upcoming aggregated auction estimates imply sales up 9% year-over-year vs. the firm's prior estimate of +6%. Stifel believes Sotheby's is a mispriced trophy asset with potential improved execution and balance sheet structure. Shares are Buy rated with a $50 price target.

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