Wayfair and Overstock Get Neutral Ratings From Bank of America

Wayfair and Overstock Get Neutral Ratings From Bank of America

Shares of online home goods retailer Wayfair  (W) – Get Report and online retailer Overstock  (OSTK) – Get Report fell Friday after Bank of America analyst Ryan Gee downgraded the former to neutral from buy and initiated coverage of Overstock with a neutral rating.

Wayfair shares recently traded at $244.21, down 11.42%, and have soared 171% year to date. Overstock recently traded at $66.21, down 9.72%, and has skyrocketed 831% so far this year.

As for Wayfair, “another round of stimulus and Way Day in late September could fuel some short term acceleration, but tough comparisons loom in 2021,” Gee wrote in a commentary cited by Bloomberg.

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