Bank Of America Raises Yahoo Price Target On Better-Than-Expected Alibaba Revenues
Analysts at Bank Of America raised the price target on Yahoo (NASDAQ: YHOO) from $39 to $40.
Alibaba, which Yahoo owns 22.5 percent of, filed an amendment to its IPO prospectus on Wednesday. The amended form outlines a strong increase in second quarter revenues coming in at $2.54 billion, above the $2.31 billion estimates. Operating profit also beat expectations of $1.01 billion, reporting $1.10 billion.
Furthermore, Alibaba’s scale remains biggest in eCommerce sector. Justin Post stated, “Alibaba had 279mn active buyers and 8.5mn active sellers that generated $296bn (up 51% y/y) of gross merchandise value in the year ended June 30, 2014 (bigger than eBay + Amazon).”
Shares of Yahoo are traded recently at $38.29, up 0.29 percent
Latest Ratings for YHOO
|Oct 2016||MKM Partners||Maintains||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.