Overstock.com (OSTK) PT Raised to $36 at DA Davidson

DA Davidson raised its price target on Overstock.com (NASDAQ: OSTK) to $36.00 (from $28.00) while maintaining a Buy rating.

Analyst Tom Forte made the move after the company announced yesterday that its subsidiary tZero has entered into a exclusive joint venture with RenGen LLC and the Argon Group to launch an Alternative Trading System (ATS) that will transform the trading of security tokens issued in Initial Coin Offerings (ICO).

Forte said they consider this a third landmark achievement by tZERO, having already successfully completed a cryptocurrency bond offering in June 2015 and a cryptocurrency stock offering in December 2016.

He said tZERO's ATS has "enormous" potential but significant risk.

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