Overstock.com (OSTK) Shares Turn Red Following Benchmark Downgrade

Benchmark's Daniel Kurnos downgraded shares of Overstock.com (NASDAQ: OSTK) from Buy to Hold in a mid-day research note Thursday. The stock clearly responded, plunging as much as 4.8 percent. Overstock shares are now down about 0.5 percent from Wednesday's closing price.

Kurnos reduced his price target on the stock from $13 to $11.

The analyst cited "soft Q3 results." "We had thought 2Q might represent a bottom in terms of gross and contribution margin, but the further declines in 3Q may imply management is focused on longer-term objectives to the potential detriment of results in the near-term," according to Kurnos.

For more ratings news on Overstock.com click here and for the rating history of Overstock.com click here.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• SpaceX: New Street Research sees 22% upside from proposed IPO price
• Anterix Inc. (ATEX) Tops Q4 EPS by 152c
• General Dynamics upgraded to Buy as submarine boom fuels growth outlook