UPDATE: Jefferies Lowers Target to $17 on Yahoo

Jefferies maintains its Hold rating on Yahoo (NASDAQ: YHOO) and lowers its target price by $1 to $17 a share, reflecting a lack of visibility in Asia.

Jefferies says, "Yahoo! delivered (mostly) an in line quarter on relatively muted expectations, as the company continues to try to find its footing under new leadership. Short-term, the stock should continue to meander with news flow about Asian assets' monetization; longer-term, increased investments may re-accelerate growth, but such an outcome is far from certain."

YHOO closed at $15.69 a share on Tuesday.