Shares of Overstock.com (NASDAQ:OSTK) fell today, which can be attributed to an analyst downgrade. Indeed, Peter Keith of Piper Snadler changed his rating on the stock from Buy to Hold while assigning a price target of $19 per share. For reference, his previous price target was $29 per share.
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Keith pointed to slowing demand for home furnishings, which is likely to remain pressured in the coming months. He believes this will negatively impact Overstock’s profitability since its asset-light business model has few expenses to cut.
Overall, Wall Street analysts have a consensus price target of $37.30 on OSTK stock, implying over 109% upside potential, as indicated by the graphic above.
