Yahoo! (YHOO) PT Lifted to $48 at Susquehanna
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Susquehanna analyst Shyam Patil reiterated a Positive rating and lifted his price target on Yahoo! (NASDAQ: YHOO) to $48.00 (from $44.00) following results.
- Our thoughts going forward and upcoming catalysts. At this point, the focus is on the sale of the core to Verizon and whether there could possibly be a cut to the valuation. Based on our conversations, we believe investors are estimating a possible cut in the $500m-$1b range; meanwhile, our calculations suggest that the stock is potentially baking in $1.6b. The key catalysts for the stock are the core sale and price, and potential tax efficiencies from the BABA stake.
- 3Q revenue in-line while EBITDA beats on lower COGS. Revenue ex TAC was in-line with us and consensus. Display (ex TAC) increased 2% y/y, 2% above our estimate and 4% above consensus, Search revenue, excluding the change in revenue presentation, decreased 20% y/y and missed us/consensus by 3%, and Other missed us/consensus by 1%/3%. Other COGS came in 12% below our model but Opex was in-line, and net-net EBITDA beat us/consensus by 7%/11%.
- 4Q net revenue guide lowered, but EBITDA comes in higher. 4Q revenue ex TAC (at the midpoint) was 3%/4% below us/consensus, while EBITDA was 9% ahead of us and 16% ahead of the Street. Full year 2016 revenue ex TAC (at the midpoint) was lowered $40 million, while FY EBITDA guidance was increased $80 million.
Shares of Yahoo! closed at $41.68 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesSusquehanna International Group of Companies
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