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Overstock: Stifel Downgrades To Sell; Stock Off 24 Percent

in News on July 18, 2008 at 6:37 am PT

Stifel Nicolaus analyst Scott Devitt this morning cut his rating on Overstock.com (OSTK) to Sell from Hold. He notes that the company, which reported second-quarter financial results this morning, trades for 21×2009 EBITA, “the highest multiple in the sector.”