Jefferies raises Yahoo price target to $30 |
| Reuters - Apr 23, 2008 |
Jefferies & Co raised its price target on Yahoo to $30 from $28, saying first-quarter results may encourage Microsoft Corp to sweeten its bid for a quick and friendly deal.
Earlier on Wednesday, Microsoft Chief Executive Steve Ballmer said the company is standing by its $44 billion bid for Yahoo.
The brokerage, which kept its "buy" rating on the stock, said Yahoo's slightly better than expected first-quarter results suggest slow but steady progress in Display and Search, while the weak affiliate business continues to dampen overall growth.
Jefferies said Microsoft will still have to raise its bid, noting the current price fails to reflect $1 billion to $2 billion in cost synergies and the possibility for management to meet its three-year stated growth of more than 20 percent and margins of 42 percent.
Read Full Article from Reuters
- Posted: 2008-04-23 08:16:44
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