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UPDATE: Piper Jaffray Raises PT to $21 on Yahoo! on Display Checks, Alibaba Sale

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Piper Jaffray reiterated its Neutral rating on Yahoo! (NASDAQ: YHOO) but raised its price target from $18 to $21.

Piper Jaffray commented, "Based on our monthly ad checks, Yahoo!'s display business continues to appear inline with our current thinking for Q4 of 2% y/y growth. Based on our daily ad checks in November, we believe that 75% of Yahoo!'s homepage inventory was sold on a guaranteed basis, compared to 50% last November and 74% in October. Furthermore, we are adjusting our price target on YHOO to $21 utilizing the same 4x FY13 EV/EBITDA multiple on Yahoo!'s core, but updating the other asset values to include the Alibaba asset sale."

Yahoo! closed at $19.20 on Friday.

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings

 

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