Overstock.com price target lowered to $18 from $23 at Jefferies

Jefferies lowered the firm’s price target on Overstock.com to $18 from $23 and keeps a Hold rating on the shares. The stock is down 57% since the relaunch of the Bed, Bath & Beyond website in the U.S. amid a “backdrop of recession-like conditions for home furnishings,” the analyst tells investors in a research note. The analyst sees evidence of “ongoing progress” since the rebrand, but is taking a “cautious view” on Overstock.com shares given the challenging macro environment.