Piper Jaffray Upgrades Yahoo! (YHOO) to Buy

Piper Jaffray upgrades Yahoo! Inc. (Nasdaq: YHOO) from Neutral to Buy citing valuation and raises their price target from $23 to $33.

Analyst Gene Munster said, "While we do not have any definitive information, pressure from Icahn and recent comments from Yahoo!/Microsoft lead us to believe the likelihood of a deal is now high. Separately, outside of a deal we believe share of Yahoo! are worth $33 based on competitor valuations."

Munster believes there is a 60% chance of a deal before Yahoo!'s annual meeting on August 1st.

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