Yahoo! (YHOO): Downgrading To Hold, Raising PT - Jefferies
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(Updated - October 21, 2016 6:46 AM EDT)
Jefferies analyst, Brian Fitzgerald, downgraded Yahoo! (NASDAQ: YHOO) to Hold from Buy but raised the price target to $48 from $43 after valuing the remaining assets stakes in Yahoo! Japan and Alibaba, cash and equivalents, and the Excalibur patent portfolio.
The analyst, is focused on VZ closing the acquisition of core YHOO, and the monetization and tax efficiency of the BABA and YJ ownership.
Fitzgerald commented, "We are downgrading to Hold based on our SOTP valuation of Yahoo! and set our PT at $48. We sharpened our pencils on valuing the remaining assets of stakes in Yahoo! Japan and Alibaba, cash and equivalents, and the Excalibur patent portfolio. We remain focused on VZ closing the acq of core YHOO, and the monetization and tax efficiency of the BABA and YJ ownership. In our upside scenario we model $66/sh and our downside scenario models $30/sh."
The firm raised FY 2016 EPS from $0.51 to $0.60 and FY 2017 EPS from $0.63 to $0.66.
Shares of Yahoo! closed at $42.38 yesterday.
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