Oppenheimer Raises Price target on Yahoo! (YHOO) to $55; Reiterates Outperform
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Oppenheimer reiterated an Outperform rating on Yahoo! (NASDAQ: YHOO), and raised the price target to $55.00 (from $48.00), as shares of BABA have appreciated 25% since late July 25. Oppenheimer also incorporated the $4.1B taxable basis of Yahoo! Core, disclosed in the proxy statement, into the analysis.
Analyst Jason Helfstein commented, "We are increasing our price target to $55, from $48, implying 25% upside potential, on the positive move in Alibaba's share price. We have also incorporated the $4.1B taxable basis of Yahoo! Core, disclosed in the proxy statement, into our analysis. We have no reason to believe at this point Yahoo!'s reincorporation into an investment company provides a tax advantage, but it necessary to comply with securities regulation laws. Our long-term thesis assumes that YJ shares are sold in the open market over the next 12-18 months at a 15% discount, with full tax consequences, that the IP portfolio is sold, and that the remaining BABA stake trades un-taxed at 10% discount to the public share price."
Shares of Yahoo! closed at $43.99 yesterday.
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