Mizuho Securities Remains Sidelined on Yahoo! (YHOO) Following 3Q Report and Guidance
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Mizuho Securities reiterated a Neutral rating on Yahoo! (NASDAQ: YHOO), and raised the price target to $42.00 (from $38.00), following the company's 3Q earnings report. 3Q revenues of $858m was slightly behind the Street's expectations of $861m. Non-GAAP EPS of $0.20 was ahead of expectations of $0.14. For 4Q16, the company's midpoint revenue guidance of $900m was below the Street's $937m estimate, but its EBITDA guide of $280m was better than the Street's $245m.
Analyst Neil A. Doshi commented, "Yahoo posted mixed 3Q results. Its primary growth engine, Mavens, declined 6% YoY with weakness in network video and Search continued to decline. Yahoo did show higher traffic and engagement in September on Yahoo Mail post the data breach, which gives us increasing confidence that the VZ-YHOO deal should remain on track. And YHOO posted a nice EBITDA beat and raise on continued op leverage. We maintain our Neutral rating, but we are raising our PT from $38 to $42 to account for updated pricing on shares of BABA."
Shares of Yahoo! closed at $41.68 yesterday.
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