Yahoo! Inc. (NASDAQ:AABA) has been assigned an average rating of “Buy” from the twenty-four analysts that are presently covering the stock, Marketbeat reports. Twelve analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $52.47.

A number of brokerages have issued reports on AABA. J P Morgan Chase & Co began coverage on Yahoo! in a research report on Wednesday, June 28th. They set an “overweight” rating on the stock. MKM Partners upped their price objective on Yahoo! from $62.00 to $76.00 and gave the company a “buy” rating in a research report on Sunday, September 3rd. Zacks Investment Research upgraded Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. began coverage on Yahoo! in a research report on Thursday, July 6th. They set an “outperform” rating and a $75.00 price objective on the stock. Finally, UBS AG restated a “buy” rating on shares of Yahoo! in a research report on Monday, July 17th.

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Several hedge funds have recently added to or reduced their stakes in AABA. Disciplined Growth Investors Inc. MN purchased a new stake in Yahoo! in the second quarter valued at approximately $128,338,000. Cibc World Markets Corp purchased a new stake in Yahoo! in the second quarter valued at approximately $108,960,000. Atlantic Trust Group LLC purchased a new stake in Yahoo! in the second quarter valued at approximately $1,139,000. Pacer Advisors Inc. purchased a new stake in Yahoo! in the second quarter valued at approximately $1,108,000. Finally, Cowen Prime Services LLC purchased a new stake in Yahoo! in the second quarter valued at approximately $183,000. 79.66% of the stock is currently owned by hedge funds and other institutional investors.

Yahoo! (NASDAQ:AABA) opened at 66.61 on Wednesday. The stock’s market capitalization is $63.89 billion. Yahoo! has a one year low of $38.24 and a one year high of $69.51. The company’s 50 day moving average price is $66.59 and its 200-day moving average price is $57.58.

Yahoo! announced that its board has approved a stock buyback plan on Monday, July 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 8.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

About Yahoo!

Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.

Analyst Recommendations for Yahoo! (NASDAQ:AABA)

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