Stifel Nicolaus Lowers Price Target on Yahoo! (YHOO) to $33
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Stifel Nicolaus lowered its price target on Yahoo! (Nasdaq: YHOO) from $37 to $33 following guidance at the low end of its prior view due to weakness in advertising sales. The firm's Q3 ex-TAC revenue estimate has been lowered to $1.1 billion. FY06 cash EPS estimate lowered from $0.70 to $0.65 and GAAP EPS estimate lowered to $0.47. For 2007, their new ex-TAC revenue estimate is $5.6 billion and their cash and GAAP EPS estimates are $0.84 and $0.68, respectively.
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