Piper Jaffray & Co. Upgrades Overstock.com (OSTK) to Market Perform
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Piper Jaffray & Co. upgraded Overstock.com (Nasdaq: OSTK) from Underperform to Market Perform and increased its price target from $16 to $31. The firm said it is now more positive on Overstock.com after it reported third quarter earnings that beat Wall Street estimates. Additionally, Piper Jaffray is increasing its EPS estimates for full year 2007 and 2008: from ($1.52) to ($1.23) and from $0.00 to $0.31, respectively.
Overstock.com, Inc. is an online closeout retailer offering discount brand name merchandise, including bed-and-bath goods, home decor, kitchenware, watches, jewelry, electronics and computers, sporting goods, apparel, designer accessories and travel services, among other products. Overstock.com also sells books, magazines, compact discs (CDs), digital versatile discs (DVDs), videocassettes and video games (BMMG), and it operates as part of its Website an online auction site
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