Overstock.com (OSTK) - Get Report shares rose Tuesday as a DA Davidson analyst reiterated his buy rating and Maxim Group resumed coverage following an upbeat letter to shareholders from the company's CEO, Patrick Byrne.
DA Davidson's Tom Forte reiterated a $48 price target and said Overstock.com is well positioned in its blockchain investments and seeing "improving trends for its legacy retail business." Maxim resumed coverage with a $34 price target.
Shares ended the day up 54 cents, or 3.1%, to $17.76.
Byrne has been pivoting the online retailer to blockchain financial services because of higher growth potential.
In Monday's letter Byrne raised full-year EBITDA estimates to $17.5 million and said better-than-expected financial results mean the company's retail business "should generate enough cash to substantially cover Blockchain's operating cash burn."