Yahoo! (YHOO) PT Bumped to $43 at UBS
UBS analyst Eric Sheridan reiterated a Buy rating and bumped his price target on Yahoo! (NASDAQ: YHOO) to $43.00 (from $42.00) following Q2 results and the awaited strategic alternatives update.
Sheridan commented, "In Q2, Yahoo continued to progress against its 2016 plan to focus the company around a more focused slate of growth areas, optimize its cost structure, and position itself to monetize non-strategic assets. While MaVeNS growth surprised to the downside & Tumblr incurred further write-downs, management delivered better than expected profitability and demonstrated the potential for improved free cash flow conversion ahead of any announcement around strategic alternatives. Based on our conversations, investor attention remains squarely focused on this process – the earnings call presented little new information in this regard other than to note the board remains active in evaluating proposals. We continue to expect the shares to remain reactive to press reports & company news on the process as near-term stock drivers."
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Shares of Yahoo! closed at $37.95 yesterday.