BofA/Merrill Lynch Upgrades Yahoo! (YHOO) to Buy
Get Alerts YHOO Hot Sheet
Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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BofA/Merrill Lynch upgraded Yahoo! (NASDAQ: YHOO) from Neutral to Buy with a price target of $62.00 (from $55.00).
Analyst Justin Post said, "While Yahoo continues to lose US online ad share (from 7% in 2013 to 6.2% in 2014E and 5.6% in 2015E), we are upgrading Yahoo to Buy from Neutral based on Alibaba and tax upside potential. While we were bullish on Alibaba for most of 2015, post IPO we thought that it could take a year or longer to get visibility on potential tax savings of Yahoo’s remaining stake in Alibaba and that Yahoo could trade at a sum-of-parts discount to asset value. However, Yahoo’s CFO recently indicated that there is no change to company’s stance on being optimistic on finding a promising tax solution and that Yahoo would communicate its plans by the next earnings call at the latest (expected in late January 2015)."
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 $50.41 yesterday.
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