DA Davidson Tom Forte said he "fully anticipates" Overstock shares will "decline precipitously on Friday" following the company's Q4 report, though he continues to have a high degree of confidence in his base case view that the company will sell its home e-commerce business and can create significant value from its Medici Ventures portfolio of 10 companies with "varying degrees" of leverage to the blockchain. After adjusting projections following earnings, Forte lowered his valuation of the legacy home e-commerce business to $48 from $58 and keeps a $52 per share valuation for Medici Ventures, leading him to lower his price target on Overstock to $100 from $110. He maintains a Buy rating on the shares, which are down 13% to $42 in pre-market trading.