Yahoo! Inc. (AABA) Receives Consensus Recommendation of “Buy” from Analysts
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.
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.
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.
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