Gabelli Target on Yahoo! (YHOO) Raised to $24 as Alibaba Could Be Worth $32B
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Price: $52.58 --0%
Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Gabelli boosted its price target on shares of Yahoo! (NASDAQ: YHOO) from $19 to $24 following news a group of private-equity investors purchased a 5 percent stake in Alibaba for about $1.6 billion.
The stake values Alibaba Group at $32 billion, up very sharply from a prior value estimate of just $10 billion.
Gabelli notes the $32 billion valuation suggest Yahoo!'s 38 percent stake could be worth about $12.1 billion, or about $9.60 per share pre-tax.
The firm maintains a Buy rating on shares of Yahoo!.
With Yahoo! shares last trading around $14.61 (down 0.7 percent from Friday's close), Gabelli's new price target implies potential upside of about 64 percent.
For more ratings news on Yahoo! click here and for the rating history of Yahoo! click here.
The stake values Alibaba Group at $32 billion, up very sharply from a prior value estimate of just $10 billion.
Gabelli notes the $32 billion valuation suggest Yahoo!'s 38 percent stake could be worth about $12.1 billion, or about $9.60 per share pre-tax.
The firm maintains a Buy rating on shares of Yahoo!.
With Yahoo! shares last trading around $14.61 (down 0.7 percent from Friday's close), Gabelli's new price target implies potential upside of about 64 percent.
For more ratings news on Yahoo! click here and for the rating history of Yahoo! click here.
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