BofA lowered the firm’s price target on Overstock.com to $24 from $39 and keeps a Neutral rating on the shares after the company provided a performance update through September 4 that captures the Labor Day weekend period and highlights the work on the Bed, Bath & Beyond integration. Following weaker than expected metrics, the firm lowers its Q3 and 2023 revenue and EBITDA estimates and remains cautious on the incentives needed to drive conversion, but adds that it is constructive on the large runway for Overstock to add customers from Bed Bath’s 20M customer file.
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