UPDATE: Citigroup Raises PT to $21 on Yahoo! on Positive Q4 Results

Citigroup reiterated its Neutral rating on Yahoo!

and raised the price target from $18.00 to $21.00. Citigroup noted, "YHOO's valuation is highly intriguing. We see current valuation implying a very low 2.5X multiple to YHOO's '13 EBITDA. That's optically very cheap. But YHOO has been “optically very cheap” for quite some time. What YHOO needs to do is prove the potential for sustained growth. It doesn't have to be double digit growth, just sustained solid single digit growth. That should be a low bar for a major Consumer Internet franchise, especially one with a new-found & necessary focus on product innovation." Yahoo! closed at $20.31 on Monday.