UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Yahoo! on Mixed 1Q13 Results

In a report published Wednesday, Jefferies analyst Brian Pitz reiterated a Hold rating on Yahoo! YHOO, and raised the price target from $20.00 to $24.00. In the report, Pitz noted, “Yahoo! reported 1Q13 results that were light on revenue, but offset by lower costs across the P&L. A lower-than-expected tax provision, share repurchases, and better-than-expected earnings from the Asian Assets drove the bottom-line outperformance vs. expectations. 2Q13 guide was below the Street, but the year-end outlook was maintained.” Yahoo! closed on Tuesday at $23.79.