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.

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