UPDATE: Bank of America Raises PT on Yahoo! on Building IPO Optimism

In a report published Monday, Bank of America analyst Justin Post reiterated a Buy rating on

, and raised the price target from $29.00 to $38.00. In the report, Bank of America noted, “We believe Alibaba's press release on 9/26 suggests that the company is focused on its IPO and considering a US listing. We think the release suggests an IPO filing in the next 3 months and, in a bull market, Alibaba valuations could move higher. As a reminder, Yahoo will sell 50% of its 24% Alibaba ownership in an IPO (if prior to 2015).” Yahoo! closed on Friday at $33.55.