UPDATE: Cantor Fitzgerald Raises PT to $21 on Yahoo! Following Q4 Results

Cantor Fitzgerald reiterated Yahoo! (NASDAQ: YHOO) at Hold and raised the price target from $17.00 to $21.00.

Cantor Fitzgerald commented, "Yahoo! reported a generally in-line quarter, with NEPS ahead of expectations on better cost containment, but lack of traction in Display advertising (d5% Y/Y) and below-consensus guidance keep us on the sidelines. That said, better clarity on the Alibaba Group IPO and/or turnaround in core Display advertising would be catalysts to turn us more positive on the name. For now, however, relatively low valuation and a $1.5B active buyback are likely to provide some downside protection, while the new management tries to effect a turnaround throughout 2013."

Yahoo! closed at $20.31 on Monday.

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