UPDATE: Pivotal Research Group Upgrades Yahoo! to Buy on Japan Business Improved Valuation

Pivotal Research Group upgraded Yahoo!

from Hold to Buy and raised the price target from $22.00 to $23.00. Pivotal Research Group noted, "We are raising our year-end 2013 price target on Yahoo to $23, and upgrading to BUY. Our price target is revised on our incorporation of significantly higher market-based pricing for Yahoo Japan, an asset in which Yahoo holds a 35% stake. Our BUY rating is thus a reflection of our view of the company's underlying value as improved on this basis. News of a deal allowing Google to sell advertising which runs on Yahoo's sites should be positive for sentiment, but is unlikely to have material value impact for the company." Yahoo! closed at $19.85 on Wednesday.