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Yahoo Receives Buy Rating From Wall Street
Chris Richardson
Contributing Writer
2004-07-14
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While Yahoo's stock had a bumpy ride on the market last week, this week, they received a boost of confidence Banc of America Securities analyst John Janedis. Yahoo was awarded a buy rating as well a price target for brokerage forecasts.
According to an article that appeared in The Street, Janedis awarded Yahoo a price target of $39 a share. As of June 30, Yahoo's stock was trading at $a 52 week high of $36.51. Currently, Yahoo is trading at $30.61 a share. This buy rating may come as a surprise after Yahoo failed to meet projected forecasts which caused the stock value to fall.
While it may be true that Yahoo's stock took a beating last week, the price is still double the amount it was at last summer. Janedis praised Yahoo's ability to generate cash, as well as their ability to capitalize on the explosion of Internet marketing. He also believed that within 10 years, Yahoo's 15% portion of online marketing would grow to 18%.
In his report, Janedis wrote, "unlike the Internet heyday, Yahoo has been able to have a demonstrable impact for advertisers and has found ways to effectively monetize its traffic." He also believes that the Google threat is overblown. The reason for this belief centers on the influx of "second-tier" search engines like Mamma.com and Ask.com.
About the Author:
Chris Richardson is a search engine writer for WebProNews. Visit WebProNews for the latest search news.
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