Overstock.com shares jumped Tuesday, following a re-iteration of buy rating from a DA Davidson analyst.
Reiterating a $48 price target on the stock, DA Davidson's Tom Forte said that the internet retail company is experiencing improving trends in its legacy retail business. He also indicated his sanguine view of the company’s blockchain investments.
On Monday, Overstock.com CEO Patrick Byrne raised the company’s full-year EBITDA expectation to $17.5 million. He said that better-than-expected financial results point towards the company's retail business' ability to generate enough cash to cover Blockchain's operating cash burn.