Jackson Securities upgrades Yahoo! (YHOO) to Hold
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Jackson Securities upgrades Yahoo! (Nasdaq: YHOO) from Sell to Hold but lowers their price target to $22, saying valuation has hit the low water mark.
Analyst Brian Bolan said, "Following speculation of a buyout from Microsoft, we lowered our rating to Sell from hold. Within weeks, Yahoo! CEO Terry Semel announced his resignation and the appointment of Co-founder Jerry Yang as CEO. While we are still waiting to see what Yang has in store for Yahoo, we note that the valuation has become more reasonable and our SELL rating is no longer warranted. We also note that a management transition and an innovation in the email platform have buoyed our expectations for the coming turn around announcement."
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