UPDATE: Bank of America Raises PO to $19 on Yahoo!

Bank of America reiterated its Neutral rating on Yahoo!

and raised its price objective from $18 to $19. Bank of America commented, "Reported 3Q revenues/adj. EPS at $1.09bn/$0.35 vs Street at $1.08bn/$0.26 with EPS beat due to a $135mn foreign tax credit. Net display, at flat y/y missed our +1% estimate (page views light, macro pressure in Europe), but search grew 11% and beat our estimate due to RPS improvements and MSFT revenue guarantee growth. Key take away is revenues are stabilizing (ests. will be going higher due to Alibaba Tech. IP Licensing agreement revs.) but traffic remains flat to down." Yahoo! closed at $15.77 on Monday.