Wedbush Maintains Outperform Rating, $57 PT on Sotheby's Holdings

Given “ever strengthening momentum in the global art market, driven in no small part by the rapid emergence of Chinese demand for art, we believe shares of Sotheby's Holdings BID should trade relatively in line to the peer group average of other luxury good companies,” Wedbush reports. Wedbush is maintaining its Outperform rating and $57 PT on shares of Sotheby's Holdings, which closed Tuesday at $38.68.