UPDATE: Cantor Fitzgerald Raises PT to $17 on Yahoo! on Strategic Outline

Cantor Fitzgerald reiterated its Hold rating on Yahoo!

and raised its price target from $16 to $17. Cantor Fitzgerald commented, "We walk away pretty impressed with CEO Mayer's first analyst/investor call. While too broad and short on details, her strategy to re-energize Yahoo! to "above-industry growth rates", encompassing investments in Mobile, in programmatic ad selling and in Search, seems optimistic but sensible to us, nonetheless. That said, we won't start seeing the fruits of her labor, even if successful, until several quarters out at the earliest. The stock remains inexpensive with limited downside (in part due to the buyback) but lacks short-term catalysts to drive it meaningfully higher." Yahoo! closed at $15.77 on Monday.