UPDATE: Jefferies Raises PT to $20 on Yahoo! on Gradual Improvement

Jefferies reiterated its Hold rating on Yahoo!

and raised the price target from $18.00 to $20.00. Jefferies commented, "While we think Yahoo! has a decent set of under-monetized assets, we still reiterate our Hold rating while raising our PT to $20. Yahoo! is relatively cheap on an SOP basis, but this only loosely factors in required reinvestment to grow the business, and timing for the sale of the remaining Asian assets." Yahoo! closed at $20.31 on Monday.