Yahoo! (YHOO) PT Raised to $39 at Nomura
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Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Nomura Securities analyst Anthony DiClemente reiterated a Neutral rating but raised his price target on Yahoo! (NASDAQ: YHOO) to $39.00 (from $34.00) as the strategic alternatives process has now taken top priority, and the company is working diligently and expeditiously with the Board to explore all options.
commented, "Yahoo management made it unequivocally clear that the strategic alternatives process has now taken top priority, and that the company is working diligently and expeditiously with the Board to explore all options. While it did not comment on specific offers, management emphasized that it has supported the Board process from the start. Press reports yesterday said that in the initial round of bidding, Yahoo had received offers from Verizon, private equity firm TPG, YP Holdings, and others, and that Verizon was set to advance to the second stage of bidding for Yahoo's core assets. Last quarter, Yahoo had announced a new strategic plan to simplify the company, narrow its focus, cut costs, and reestablish growth; that plan continues, as 1Q results were above estimates and FY16 guidance was reaffirmed, although 2Q guidance was below, in part given seasonal weakness. We increase our TP on the recent appreciation of BABA shares and remain Neutral, as we believe that at current levels, the stock offers balanced risk/reward."
The firm lowered FY16E EPS from $0.59 to $0.55 and FY17E EPS from $0.70 to $0.63.
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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