Overstock.com price target lowered to $20 from $35 at Piper Sandler

Piper Sandler lowered the firm’s price target on Overstock.com to $20 from $35 and keeps a Neutral rating on the shares. A Q3 furniture retailer survey completed in partnership with the Home Furnishings Association saw demand slow from Q2 to an average decline of 8% year-over-year, the analyst tells investors in a research note. The firm says all three months during Q3 on a demand basis declined high single digits. Piper believes the survey data suggests home furnishing demand is “bouncing along the bottom” with trends continuing to decline but not getting meaningfully worse. While Overstock shares are “extremely cheap and there has been some intriguing change at the Board level,” the outlook on fundamentals over the next 12 months “is as murky as ever,” contends the firm.