DA Davidson Pounds Table on Overstock (OSTK) Citing Medici Ventures Portfolio

DA Davidson analyst Tom Forte was out pounding the table on Overstock.com (NASDAQ: OSTK) saying they continue to believe the Medici Ventures portfolio has numerous valuable and disruptive blockchain assets, including tZERO and Bitsy.

"While we took a conservative crawl, walk, run approach to valuation, valuing tZERO at $1B and the rest of Medici at investment cost ($60M), we think there could be significant upside to our valuation should any of the other 18 blockchain companies reach its potential," Forte commented.

The firm reiterated an Buy rating and price target of $58.

The target includes a $31 per share valuation of its legacy home e-commerce business (unlocked via a sale to a strategic buyer) and $27 for its Medici Ventures portfolio of 19 blockchain companies (mostly $25 for tZERO).

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 $14.28 yesterday.

You May Also Be Interested In

• DA Davidson Upgrades Manhattan Associates, Inc. (MANH) to Buy
• WesBanco (WSBC) PT Lowered to $35 at DA Davidson
• Mattel Inc. (MAT) PT Raised to $27 at DA Davidson