BofA analyst Curtis Nagle lowered the firm’s price target on Overstock.com (OSTK) to $19 from $24 and keeps a Neutral rating on the shares. Furnishing spending improved from Q2 to Q3, but BofA expects mixed earnings results from the internet furnishings retailers, the analyst tells investors in a group preview note. While Q4 guidance “may underwhelm,” the firm believes this is largely priced in given that shares of Wayfair (W), Etsy (ETSY), Overstock and RH (RH) are down from 8% to 37% since September 1, the analyst added.
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