Bernstein Upgrades Yahoo! (YHOO) to Outperform; Shares Edge Higher

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Shares of Yahoo! (NASDAQ: YHOO) are up nearly 1 percent in Friday's pre-market session as Bernstein's Carlos Kirjner upgraded the stock from Market Perform to Outperform earlier. The analyst's price target was boosted from $17 to $19.

With Yahoo! shares last trading around $15.50, Kirjner's new target represents potential upside of about 23 percent.

The upgrade comes amid reports late Thursday Alibaba's Jack Ma has indicated the company is prepared to sell a stake to sovereign wealth firms such as China Investment Corp. and/or Temasek in order to fund its buyback from Yahoo!.

For an analyst ratings summary and ratings history on Yahoo! click here. For more ratings news on Yahoo! click here.

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