Yahoo! (YHOO) Target Bumped to Higher at Piper Jaffray

Piper Jaffray analyst Gene Munster bumped his price target on Neutral-rated Yahoo! (NASDAQ: YHOO) from $36 to $37 following Q1 results withe core showing signs of life and Alibaba growth accelerating into the IPO.

Munster comments, "Unsurprisingly, we believe the biggest investor focus from the Q1 report is Alibaba's Q4 results. Alibaba grew revenue 66% y/y in Q4 from 51% in Q3, which we believe is the primary reason for the move in shares of YHOO in the aftermarket as it was likely better than investor expectations. In terms of the core, Yahoo!'s Q1 report offered some hope on the surface for a revenue turnaround, but we continue to believe the company has a long way to go to return to gaining share, particularly in the display category. We maintain our Neutral rating on shares of YHOO with a $37 price target."

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 $34.21 yesterday.

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