UPDATE: Pivotal Research Group Downgrades Yahoo! to Hold on Valuation

Pivotal Research Group reduced its rating on Yahoo!

from Buy to Hold and raised its price target from $21 to $22. Pivotal Research Group said, "We downgrade Yahoo from BUY to HOLD as the stock's run-up now means the stock is closer to being fully valued. The stock has performed well in recent months as investors came to see tremendous underlying value in the company's Asian assets, while recognizing that real (and positive!) change has finally come to Sunnyvale, with many new directors added to the company's board and the installation of a new management team." Yahoo! closed at $19.38 on Monday.