Sotheby's Stock Upgraded: What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Investors in Sotheby's (NYSE: BID) stock have had an interesting year. Between January and late July -- heading into Q2 earnings -- shares of the high-end art and jewelry auctioneer surged 47% in value. But when those earnings were announced, the bottom fell out.
After hitting a high of $56.88 per share on July 24, Sotheby's stock fell to just $42.97 per share on Sept. 4 -- a nearly 25% drop. The stock has recovered somewhat since then, climbing enough over the past month that shares remain up 24% for the year, and are now once again outperforming the S&P 500. Can Sotheby's continue to claw its way back?
Source: Fool.com
