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.
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.
