Yahoo! (YHOO) PT Raised to $40 at Piper Jaffray
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Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Piper Jaffray analyst Gene Munster reiterated an Overweight rating and raised his price target on Yahoo! (NASDAQ: YHOO) to $40.00 (from $31.00) following Q1 results as the sales process moves forward. Munster said Alibaba still provides upside to the story.
Munster commented, "YHOO reported Q1 revenue 2% ahead of the Street, but offered more conservative guidance for Q2 while maintaining the full year. The more important story remains the progress in selling the company, but management would not add much to the sales process other than the fact that it is underway and they are actively participating in the process. Our thesis remains the same for YHOO: the core remains challenged and will continue to be challenged for the foreseeable future. Beyond that, the upside is still in whether the company can find a way to avoid incurring a full tax load on Alibaba and Yahoo! Japan. Given we believe BABA still provides upside to the story, we reiterate our Overweight rating, with an updated price target of $40."
The firm cut FY 2016 EPS from $0.66 to $0.55 and FY 2017 EPS from $0.39 to $0.35.
For an analyst ratings summary and ratings history on Yahoo! click here. For more ratings news on Yahoo! click here.
Shares of Yahoo! closed at $36.33 yesterday.
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