Analysts at Wedbush Morgan reiterate their “strong buy” rating on Sothebys Holdings (BID.NYS), while raising their estimates for the company. The 12-month target price has been raised from $29 to $33.

In a research note published yesterday, the analysts mention that the robust trends in the global auction market are expected to continue in the forthcoming few years, which is likely to support the company’s share price. Sothebys Holdings’ quarter-to-date auction sales value has increased by more than 35%, the analysts add. The EPS estimates for 2006 and 2007 have been raised from $1.15 to $1.22 and from $1.28 to $1.33, respectively, to reflect better-than-anticipated trends in the recent auction results.

Posted: 03|22|06 at 10:56 am. Filed under: Auction News.