Why Overstock.com Shares Skyrocketed Today
Shares of Overstock.com (NASDAQ: OSTK) have skyrocketed today, up by 21% as of 12:15 p.m. EDT, after getting a bullish initiation from Wall Street. Piper Sandler kicked off coverage of the e-commerce company with an overweight rating.
Analyst Peter Keith assigned a price target of $140 on Overstock shares, even as the stock has already gained 1,200% year to date. The COVID-19 outbreak has created a surge in demand for e-commerce tech companies, and Overstock has been able to capitalize on this trend by focusing heavily on its home furnishings category.
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Source Fool.com
