Overstock.com (OSTK) Added to Wedbush Best Ideas List

Wedbush analyst Ygal Arounian reiterated an Outperform rating and $92.00 price target on Overstock.com (NASDAQ: OSTK) and added the stock to Wedbush Securities Investment Committee's Best Ideas List.

The analyst commented, "We see multiple catalysts, both on the macro and micro level that we believe can drive continued upside to revenue and EBITDA estimates. We expect the accelerating share shift to ecommerce from brick and mortar retail will remain strong in 2H20, 2021, and beyond as a result of shifting consumer behavior that already began prior to the COVID-19 pandemic, and only strengthened in the six-month period following, to date. Overstock’s home goods focus should be a particular beneficiary of those shifts, and its leadership team is squarely focused on the ecommerce engine and sustainable, profitable, growth. We also see opportunities to expand margins through stronger pricing models, broadening the target audience, and gaining leverage through more efficient logistics, marketing
and G&A."

It was added, "Our bias for substantial upside to consensus Q3 expectations, and the stock’s historical trading pattern around earnings suggest that there could be meaningful upside from current levels. While shares are up over 10x YTD, we have also observed a roughly 43% decline since shares reached an all-time high of $128.50 on August 19."

For an analyst ratings summary and ratings history on Overstock.com click here. For more ratings news on Overstock.com click here.

Shares of Overstock.com closed at $75.25 yesterday.

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