Overstock.com price target lowered to $26 from $42 at Wedbush

Wedbush analyst Michael Pachter lowered the firm’s price target on Overstock.com to $26 from $42 and keeps an Outperform rating on the shares. The firm notes that in Q4, Overstock was impacted by lower discretionary spending on home categories, as macroeconomic pressures continued. Overstock’s value pricing was less of a standout in Q4, as higher-priced competitors discounted heavily to clear excess inventory. This should continue to pressure Overstock’s results through the first half of 2023, Wedbush argues.