Needham cuts Overstock.com to Hold, sees company as ‘share donor’ post pandemic

Needham analyst Anna Andreeva downgraded Overstock.com (OSTK) to Hold from Buy with no price target. The company’s sales declined by high single digits on average in the three years heading into the pandemic before share gains during the pandemic that were aided by supply chain dislocation, the analyst tells investors in a research note. As industry oversupply likely continues into 2023 and with larger competitors such as Amazon.com (AMZN) still promoting aggressively, Overstock is likely to be a "share donor again", Andreeva adds.