In their "Morning Quick Notes" Bank of America/Merrill Lynch reiterated its neutral rating on Yahoo YHOO this morning but increased the price target to $48 from $45. This follows the earnings report which beat on both revenues and earnings. Some of the reasons for the increase in price target:
– 3Q beat vs low expectations; Asset value remains in focus.
- Raising our below-street core revenue and EBITDA estimates.
- Yahoo is taking on the activists with added disclosure and active buybacks, but net ad revenue growth still soft at +1%.
- Raising PO to $48 based on higher Yahoo estimates and a higher current price for Alibaba stock BABA.
Shares of YHOO are currently up 5.30 percent at 42.30.
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