Nomura Securities Starts Yahoo! (YHOO) at Neutral; Core Business Impaired, but N-T Estimates Look Achievable
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Price: $52.58 --0%
Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
Rating Summary:
18 Buy, 21 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
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Nomura Securities initiates coverage on Yahoo! (NASDAQ: YHOO) with a Neutral. PT $13.50.
Analyst, Brian Nowak, said, "We believe Yahoo! Inc.’s core business is a structural share loser worth less than $3.00/share. That said, its APAC equity investment “call option,” which many investors focus on, provides estimated downside protection of $8.89/share (in our Base case). We see five key reasons why Yahoo! Display won’t come back: 1) a deflationary market structure, 2) portal declines, 3) too much e-mail, 4) online video competition, and 5) sales force uncertainty. Although we are bearish on core Yahoo!, we believe intermediate-term estimates are achievable and we are ahead of Street estimates with 2012E / 2013E EPS $0.90 / $1.00 vs. Street at $0.83 / $0.93."
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 $14.62 yesterday.
Analyst, Brian Nowak, said, "We believe Yahoo! Inc.’s core business is a structural share loser worth less than $3.00/share. That said, its APAC equity investment “call option,” which many investors focus on, provides estimated downside protection of $8.89/share (in our Base case). We see five key reasons why Yahoo! Display won’t come back: 1) a deflationary market structure, 2) portal declines, 3) too much e-mail, 4) online video competition, and 5) sales force uncertainty. Although we are bearish on core Yahoo!, we believe intermediate-term estimates are achievable and we are ahead of Street estimates with 2012E / 2013E EPS $0.90 / $1.00 vs. Street at $0.83 / $0.93."
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 $14.62 yesterday.
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