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Pacific Growth Cuts to 'Equal-Weight'

Pacific Growth downgraded (OSTK) to equal-weight from overweight.

Analyst Derek Brown says second-quarter results were disappointing; revenues, earnings per share, and gross margin were all below his estimates. Brown notes this is the second consecutive quarter that the Internet retailer has fallen short of the Street's expectations, which raises issues of credibility.

He says he'll likely cut his estimates to better reflect second-quarter underperformance. He thinks investors should take a more measured approach to the stock until there's clear evidence that Overstock can execute flawlessly, or until its risk/reward profile becomes significantly more attractive.

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