UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Yahoo! Ahead of 1Q13 Earnings Report

In a report published Friday, J.P. Morgan analyst Doug Anmuth reiterated a Neutral rating on Yahoo!

, and raised the price target from $22.00 to $26.00. In the report, Anmuth noted, “Yahoo! will report 1Q13 earnings on Tuesday, April 16 after the close. We are incrementally positive on Yahoo! based on improving engagement trends, potential Search upside, and higher implied valuation for Alibaba Group. As a result, we are raising our price target to $26, but we continue to look for greater improvement in the core business and better execution to become more constructive on the shares from current levels.” Yahoo! closed on Thursday at $24.49.