UPDATE: Goldman Sachs Raises PT to $25 on Yahoo! on Q4 Beat, In-Line Guidance

Goldman Sachs reiterated its Conviction List Buy rating on Yahoo! YHOO and raised its price target from $24.00 to $25.00. Goldman Sachs noted, "Yahoo! reported better-than-expected 4Q results with revenue ex-TAC of $1,221 mn (+4.5% yoy) versus our estimate of $1,191 mn, and non-GAAP EPS of $0.32, versus our estimate of $0.24. Upside in the quarter came from stronger-than-expected net search revenues offsetting a weaker-thanexpected display business. The company provided initial guidance for 2013 essentially in line with consensus. With an operating business generating over $900 mn annually in FCF, the beginnings of a more focused corporate strategy." Yahoo! closed at $20.31 on Monday.