Zacks Investment Research upgraded shares of Yahoo! Inc (YHOO) from NEUTRAL to OUTPERFORM on January 10, 2013, with a target price of $23.00.
Yahoo! Inc. is one of the leading providers of web-based services and advertisements. Third quarter earnings beat the Zacks Consensus Estimate. Yahoo's search business faces extremely tough competition from Google and Microsoft's ad platform is not generating enough yet. Also we remain concerned about the uncertainty surrounding the search business and deterioration of display ad revenue share but are encouraged by the refocusing of the company, as well as the many product upgrades and growth initiatives implemented, which are improving engagement on Yahoo properties. Also, the company's progress in the fast-growing mobile search segment is encouraging. Hence, we are upgrading our recommendation on Yahoo shares from Neutral to Outperform.
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