Piper Jaffray Reports On YHOO In Analyst Day Preview

Piper Jaffray is maintaining its Overweight rating and its $22 price target on Yahoo! Inc.

in its preview of the company prior to next Wednesday's Investor Day. According to Piper Jaffray, “The bottom line is that we would be buyers of YHOO based on our belief that shares will be higher three to six months from now based on improving comps in the back half of 2011. While some buy side investors may hope for a more revolutionary Analyst Day next Wednesday, we expect the focus to be on the evolution of Yahoo!'s business and setting expectations for the next few years. Additionally, we would expect significant interest in details about the recent Alipay divestiture from Alibaba Group and a potential spin-off of Yahoo!'s Japan asset, but do not believe we will see any announcements on either front.” YHOO closed yesterday at $15.96.