UPDATE: Oppenheimer Raises PT to $22 on Yahoo! on Solid Results

Oppenheimer reiterated its Perform rating on Yahoo! YHOO and raised the price target from $20.00 to $22.00. Oppenheimer commented, "While 4Q revenue was in line, EBITDA was better than expected. However, the company provided modestly weaker than expected 1Q and 2013 guidance, reflecting 2H margin expansion. On the positive side, shares repurchased exceeded expectations, with more to come in 2013. … Our price target is now $22 (was $20), reflecting higher cash balance, lower share count, YJ value and Alibaba preferred accretion." Yahoo! closed at $20.31 on Monday.