UPDATE: Goldman Sachs Raises PT on Yahoo Due to Increasing Asset Value
In a report published Tuesday, Goldman Sachs raised the price target on Yahoo! Inc. (NASDAQ: YHOO) from $27 to $30 and reiterated its Conviction List-Buy rating.
In the report, Goldman Sachs analysts Joan Storms and John Garrett state, "updated our valuation analysis for YHOO; we are raising our estimated value of Alibaba to $70 bn (based on 8X 2013E EV/sales) from $35 bn, accounting for the appreciation in Yahoo! Japan shares, and taking a slightly more conservative approach to valuing Yahoo!'s core business. With the core business generating $1.7 bn in annual EBITDA, a more focused corporate strategy, early signs of new innovation, and the further monetization of the Asian assets acting as potential catalysts, we believe that YHOO represents a compelling risk-reward."
Yahoo! Inc. closed Monday at $26.75, and is currently trading up at 1.31% four hours after market open hours.
Latest Ratings for YHOO
|Jul 2014||Canaccord Genuity||Maintains||Buy|
|Jul 2014||CRT Capital||Maintains||Fairly Valued|
|Jul 2014||FBR Capital||Initiates Coverage on||Market Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.