Yahoo: Kaufman Upgrades; Sees Display Ads, Search Improving
Kaufman Bros. analyst Aaron Kessler this morning lifted his rating on Yahoo (YHOO) to Buy from Hold, inching up his price target to $20, from $19.
Kessler cited four reasons for the upgrade:
- Checks and company comments indicate firming in display ads.
- Checks with search engine marketers find Yahoo search performance in Q4 tracking much better than ComScore (SCOR) data indicate.
- Regulatory approval of Microsoft (MSFT) deal in in early 2010 could serve as a catalyst.