Yahoo! (YHOO) Estimates Unchanged at Wells Fargo After Alibaba Files F-1

Wells Fargo maintained an Outperform rating on Yahoo! (NASDAQ: YHOO) with a price target of $45-$46. Yesterday Alibaba filed its F-1 registration statement.

Analyst Peter Stabler said, "Following the market close today, Alibaba Group filed their widely anticipated F-1 registration statement. Though the 343-page document offers a deeper view into the company’s operations and supports our view of Alibaba’s current strengths, market position, and large forward opportunity, the document did not include operating results from Alibaba’s recently completed March 2014 quarter. Rather, the filing offered quarterly and annual operating summaries dating to 2012 and 2013. Hence investors wondering whether Alibaba’s strong 4Q’13 momentum continued into 2014 will be forced to wait. Without additional operating results, we leave our equity income and full year Yahoo estimates unchanged, as we do our sum-of-the-parts valuation model which assumes a ~$170b valuation of Alibaba Group and a fully-taxed equity ownership stake by Yahoo."

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 $36.49 yesterday.

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