UPDATE: Oppenheimer Raises Price Target on Yahoo Due to Upside

In a report published on Tuesday Oppenheimer analyst, Jason Helfstein, raises the PT on

from $30 to $33. Helfstein also maintained an Outperform rating on the company. In the report Oppenheimer commented, "While YHOO provided 3Q/FY EBITDA guidance modestly below expectations, we expect the shares to move higher as Alibaba results were better than expected and mgmt. reiterated its commitment to continue share repurchases. FY EBITDA guidance 6%/4% below our/Street estimates on Tumblr Opex; however, mgmt believes 4Q display revenue will benefit from improving traffic metrics and seasonal brand advertising strength. 1Q Alibaba revenue increased 71% y/y, while operating income was 62% above our estimate on higher margins. As a result, we now value Alibaba at $92B vs. $73B, previously. Lastly, management committed to an additional $1.9B in share repurchases. Raising price target to $33 and reiterating Outperform." Yahoo opened on Wednesday at $26.88.