Stifel Bullish On Sotheby's Despite Legal Risks

In light of activist hedge fund Third Point’s legal action in regards to questioning the legality of Sotheby’s (NYSE:BID) poison pill measure, Stifel Nicolaus reiterated their Buy rating and $65 price target.

Legal opinion aside, fundamentals look good for Sotheby’s

The research report does not take a legal opinion on the merits of Third Point’s claims, but notes the positives, saying at a minimum hedge fund manager Loeb’s desire to control 20% of the stock is good for investors just based on the supply and demand equilibrium in the market.  Based on the fund’s recent 13D filing, Loeb currently...