Maxim Group analyst Allen Klee maintained a Buy rating on Overstockcom (OSTK) yesterday and set a price target of $40. The company’s shares closed last Monday at $16.95.
Klee said:
“We believe Dr. Byrnes exiting the company removes the distraction from issues in his personal life. We expect the company to continue focusing on for which both segments have improving outlooks, in our view. We believe interim CEO Jonathan Johnson and other management provide solid leadership as the Board evaluates longer term roles. We maintain our Buy rating and $40 PT, which is based on our ten-year DCF analysis.”
According to TipRanks.com, Klee ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -19.3% and a 22.0% success rate. Klee covers the Technology sector, focusing on stocks such as Sify Technologies Limited, Dolphin Entertainment Inc, and ATN International Inc.
Currently, the analyst consensus on Overstockcom is a Moderate Buy with an average price target of $44, implying a 160.8% upside from current levels. In a report issued on August 13, D.A. Davidson also reiterated a Buy rating on the stock with a $48 price target.
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Based on Overstockcom’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $24.35 million. In comparison, last year the company had a GAAP net loss of $63.42 million.
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Overstock.com, Inc. operates on online shopping commercial site. The firm also sells these products through www.overstock.com, www.o.com, and www.o.biz. It operates through the following business segments: Retail, tZERO, and Other. The Retail Segment engages in e-commerce sales through its website.
