Sotheby’s And Dan Loeb Battle Looks Good Says Citi

Citigroup Inc (NYSE:C) reiterated a Buy rating on Sothebys (NYSE:BID) and put a price target of $55 on the company’s stock in the wake of Dan Loeb’s letter to the company. Oliver Chen, the analyst who authored the report, thinks that the shake up at the top may be a good way to add value to the auction house. Chen did not raise the price target he had on Sothebys (NYSE:BID), but argued that “new board members would be positive catalysts for value creation.” He is also positive on the “greater prospects of increased transparency and visibility,” as well as…