Bank of America Updates Price Target for Overstock.com

Shares of Overstock.com (NASDAQ: OSTK) have been leaping higher over the past three months, but Bank of America/Merrill Lynch (NYSE: BAC) is out with an investor note today saying that the company is fairly valued at $22.00-23.00. Analysts cited comps that “got slightly more difficult,” as well as the stock premium multiple, which is hard to justify “given Overstock’s checkered history.”

Overstock.com is an online retailer offering closeout and discount brand and non-brand name merchandise. The stock is currently trading $23.34, off 2.26% on the session.