Overstock.com initiated with a Hold at Jefferies

Jefferies analyst Jonathan Matuszewski initiated coverage of Overstock.com with a Hold rating and $20 price target. Given rising e-commerce penetration in home furnishings and "compelling" plans to take market share, he views Overstock as well-positioned long-term. However, he sees the benefit of structural tailwinds and internal initiatives being tempered by a weak consumer and thinks shares are "likely rangebound, at best," with others on the Street underestimating the recession’s impact in 2023.