Sotheby's 2008 Auction, Profit Estimates Cut by Stock Analyst
Date: 30 Jan 2008 | | Views: 4286
Source: Bloomberg (www.bloomberg.com), by Linda Sandler
Sotheby's auction sales and profit in 2008 may be lower than expected because of the "slowing outlook'' for financial markets, said an analyst at Craig-Hallum Capital Group LLC.
George F. Sutton, the analyst, lowered his estimate for auction sales at Sotheby's to $5.02 billion, from $5.4 billion previously. He cut his earnings estimate for this year to $2.50 a share, from $3.09, he said in a report today.
Both revised numbers are below Sutton's estimates for 2007 results. Sotheby's is expected to report fourth-quarter and full- year results for 2007 in late February.
"As we take a sober look at the slowing outlook for the U.S. and other worldwide markets, we anticipate that high-end auctions may also take a breather,'' Sutton said in the report.