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

Piper Jaffray reiterated its Neutral rating on Yahoo!

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.