Overstock.com (OSTK) Conference Meetings Highlight Blockchain as an X-Factor in 2022 - BofA

BofA Securities analyst Curtis Nagle reiterated a Buy rating and $85.00 price target on Overstock.com (NASDAQ: OSTK) after hosting investor meetings at the BofA Consumer Conference with CEO, Jonathan Johnson and CFO, Adrianne Lee. Commentary indicates that management remains confident in its ability to continue to take share within online home furnishings, generate steady mid-single-digit (MSD) EBITDA margins, has opportunities for capital allocation this year (including $100MM buyback authorization), and sees the potential for significant valuation creation from its blockchain investment fund.

The analyst stated "The analyst stated "Blockchain to emerge as x-factor in 2022. Management sees its externally managed blockchain investment fund “Medici fund” as one of the most underappreciated aspects of the OTSK story. The recent hiring of David Goone as CEO of portfolio company tZero and investment by ICE is viewed by management as an accelerator of growth within digital exchanges and major competitive advantage. Pelion/Medici will hold a fund day on May 10th."

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 $51.57 yesterday.

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