Pacific Growth reiterates equal-weight on Overstock.com (OSTK).
Jason Lindsey resigned as president and CFO. Analyst Derek Brown says management departures and the transition to new management is rarely a smooth or easy process. He continues to expect Overstock shares to remain range-bound, until there's clear evidence that management is executing flawlessly, and the stock's risk/reward profile becomes more attractive.
He notes Lindsey is resigning for personal reasons, due to illness in his family, after joining Overstock since 1999 and becoming president in Apriil 2003. CEO Patrick Byrne will re-assume the role of president, and controller David Chidester becomes acting CFO.
Brown is keeping his 28-cent 2003 loss, and the 22 cents 2004 earnings per share estimates.