- Sotheby's (NYSE:BID) is on watch after Cowen upgrades to Outperform from Market Perform.
- The investment firm thinks Sotheby's is displaying an improved business model and could boost its auction commission margin rate.
- The acution house reported an auction margin rate of 16.5% in Q3. vs. 15.3% for the year-ago period.
- Analyst Olivia Chen sets a price target of $45 on BID (17% upside).