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Fly News Breaks for December 18, 2015
BID
Dec 18, 2015 | 08:26 EDT
Stifel cut its price target on Sotheby's after the company's CFO resigned. The firm was surprised by the news, and it thinks the CFO's departure reduces the chances of the company providing meaningful strategic news about its real estate, loan portfolio, or a sale of the company. Additionally, Stifel believes that the CFO's departure increases the risk that the company will lose business in 2016. Nonetheless, the firm still thinks the company has a number of positive EPS catalysts, and it keeps a Buy rating on the shares.
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