UPDATE: Topeka Capital Markets Reiterates Buy Rating, Lowers PT on Yahoo! Following 1Q13 Earnings Report

In a report published Wednesday, Topeka Capital Markets analyst Victor Anthony reiterated a Buy rating on Yahoo!

, but slightly lowered the price target from $30.00 to $29.00. In the report, Anthony noted, “Yahoo!'s 1Q13 earnings report confirmed that a Marissa Mayer led turnaround, which we viewed as pure optionality in our recent initiation of coverage report Alibaba Driven Valuation Upside; Initiate at Buy with $30 Price Target, will indeed need time and possibly "take several years". Our view hasn't changed, in that, although we keep an open mind given Ms. Mayer's success at Google (GOOG-$793.37:BUY), we continue to have low conviction in a successful turnaround. However, we continue to recommend purchase of the shares as the Alibaba IPO should lead to meaningful upside to Yahoo!'s current valuation. We are trimming our price target down to $29 from $30 on tweaks to our SOTP based price target.” Yahoo! closed on Tuesday at $23.79.