Yahoo Price Target Raised At BOAML

In their "Morning Quick Notes" Bank of America/Merrill Lynch reiterated its neutral rating on Yahoo

this morning but increased the price target to $48 from $45. This follows the earnings report which beat on both revenues and earnings. Some of the reasons for the increase in price target: – 3Q beat vs low expectations; Asset value remains in focus. - Raising our below-street core revenue and EBITDA estimates. - Yahoo is taking on the activists with added disclosure and active buybacks, but net ad revenue growth still soft at +1%. - Raising PO to $48 based on higher Yahoo estimates and a higher current price for Alibaba stock

. Shares of YHOO are currently up 5.30 percent at 42.30.