Raymond James Lowers Yahoo Price Target

In a note dated June 17th, Raymond James analyst Aaron Kessler maintained his Outperform rating on Yahoo! Inc.

but lowered his price target from $43 to $40. The decrease in price target is due to lower than expected results reported Monday by Alibaba which, according to Kessler's estimates, Yahoo! has an approximate 22.5 percent ownership assumption on a diluted shares basis. Based on Alibaba's results Kessler has adjusted Yahoo's non-GAAP EPS estimates for 2014 and 2015 from $1.54 and $2.09 to $1.47 and $1.88, respectively. Shares of Yahoo! are trading about a half percent lower in Tuesday's pre-market session following the release of the Raymond James note