are likely cheering on Monday after Piper Sandler joined the bull camp, helping shares of the ecommerce company continue its monster rally higher.
Piper Sandler initiated Overstock at an "overweight" rating and set a price target of $140, representing 50% upside potential from Friday's close. If that price objective is achieved, it would represent a monster rally of 5,434% from Overstock's March 18 bottom.
Specifically, Overstock has benefited from a "well-timed" refocus onto the online home furniture business, which has seen a boom as more shoppers transition to ecommerce. Overstock still has many levers to pull to improve sales and profitability, including improving its mobile app experience, implementing more targeted pricing and promotions, and focusing in on its core value-conscious customer, Piper said, adding that these initiatives are "low-hanging fruit" for the company.
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