UPDATE: JP Morgan Raises PT to $22 on Yahoo! on Better 2013 Outlook Than Expected
JP Morgan reiterated its Neutral rating on Yahoo! (NASDAQ: YHOO) and raised the price target from $19.00 to $22.00.
JP Morgan noted, "Yahoo!'s 4Q12 results and outlook were mixed overall, but given low expectations for the core business and a much heavier buyback pace than expected, we believe Yahoo! shares are likely to respond favorably in the near-term. Better than expected Search revenue offset Display declines, and Yahoo! showed that it is focused on cost controls even while continuing to invest in the business. Overall, we come away from 4Q earnings more positive on Search, margins, and capital returns to shareholders, but still uncertain that Yahoo will become even a modest growth company going forward."
Yahoo! closed at $20.31 on Monday.
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