UPDATE: Goldman Sachs Raises PT to $24 on Yahoo, Adds to Conviction Buy List

Goldman Sachs reiterated its Buy rating on Yahoo YHOO and added the company to the Conviction List Buy with a price target that was raised from $22 to $24. Goldman Sachs commented, "We are adding Yahoo! to the Conviction List and raising our 12-month price target to $24 from $22. With capital allocation actions serving as a catalyst to drive a revaluation in the stock, we believe the value of Yahoo!'s balance sheet assets and the core business are worth more than the current stock price. In our opinion, this revaluation, along with recent clarity on the turnaround and channel checks signaling effective management of the organization's structure, investments and finances, creates a very attractive risk/reward scenario, particularly given the early reaction in the stock to the buyback and the roughly 75% of the buyback that still remains." Yahoo closed at $18.57 on Friday.