Barclays Maintains a 'Equalweight' on Yahoo! (YHOO); Road of Value Being Paved

Barclays maintains a 'Equalweight' on Yahoo! (NASDAQ: YHOO) price target raised from $18 to $20.

Analyst, Anthony DiClemente, said, "1Q results were above our expectations, driven by upside to earnings from equity interests, lower expenses, and the first quarter of Y/Y revenue growth since 3Q08. Looking at 2Q12, the mid-point of guidance for revenue ex-TAC was above Street expectations...As a result of significant cost savings from Yahoo!'s recent layoffs and restructuring, we raise our price target."

Barclays raises FY12 EPS estimate from $0.91 to $1.18 and FY13 from $1.05 to $1.29.

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 $15.01 yesterday.

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