UPDATE: Credit Suisse Raises PT on Yahoo! on Mixed 1Q13 Results

In a report published Wednesday, Credit Suisse analyst Stephen Ju reiterated a Neutral rating on Yahoo!

, and raised the price target from $21.00 to $23.00. In the report, Ju noted, “YHOO reported mixed 1Q13 results with Net Revenues below our estimates; in-line search was offset by a weak display result (down 11% y/y). However Non-GAAP EBIT (as a % of Net Revenue) of 21% was slightly above our 20% estimate. GAAP EPS of $0.35 was 7 cents ahead of our estimate driven by higher earnings in equity interests, lower tax rate, and lower share count. Our estimates remain largely unchanged while we adjust our price target from $21 to $23 as we mark-to-market YHOO's Japanese assets. We maintain our Neutral rating as Yahoo remains a work in progress and as its display business exhibited incremental deterioration in 1Q13 (down 11% YOY). Similar to prior quarters' reports, CEO Marissa Mayer outlined a broad strategy with focus on mobile, personalization as well as the re-imagining of its search and display businesses, although a specific product roadmap was not yet delineated. As such we remain in a wait-and-see mode pending further signals of a meaningful turnaround.” Yahoo! closed on Tuesday at $23.79.