BGC Partners Upgrades Yahoo! (YHOO) to Buy; A New Day - Stepping Up Pace of Turnaround

BGC Partners upgraded Yahoo! (NASDAQ: YHOO) from Hold to Buy with a price target of $20.00.

Colin W. Gillis, said, "We are positive on the new board at Yahoo, including Dan Loeb from Third Point Capital. We see the new board as increasing the pace of decision making, reducing the potential for Yahoo to stray off into tangent business directions such as ecommerce, increasing the focus on Yahoo’s core media business, and limiting the potential for large dilutive acquisitions."

"We are positive on today’s news of an agreement on a staged exit on its of its Alibaba stake that provides for near term capital returns via a share repurchase program, while also providing for participation of any possible upside generated by a future public offering by Alibaba. We look for monetization of Yahoo Japan stake next."

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 $15.42 yesterday.

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