UPDATE: Global Equities Lowers PT on Yahoo! to $12

Global Equities is out with its report today on Yahoo!

, lowering its PT to $12. In its report, Global Equities writes, "Our research indicates that Yahoo today is in much weaker position than before and the company fundamentals continue to deteriorate. Yahoo continues to lose ad-spend on its display and search properties. To reflect continued weakness in Yahoo's business, we are reducing our estimates and price target to $12. Our 12 – 18 months Price Target of $12 is based on a PE multiple of 18x FY2011 estimates of $0.66 and on a PE multiple of 18xFY2012 estimates of $0.65." Global Equities maintains Equal-weight on YHOO. At the time of posting, shares of YHOO were trading at $14.30, up 0.78% from Wednesday's close.