Markets & Finance

SoundView Raises Yahoo! to Buy

Shares of Yahoo (YHOO) were up slightly, after Soundview upgraded the stock to buy from hold. Analyst Jordan Rohan notes the business conditions in advertising and online media have stabilized, and are likely to improve over next 12-18 months. Rohan adds the company's newly fortified management team is making progress in addressing advertisers, agencies, in improving efficacy of its online platform for traditional advertisers. Rohan thinks these trends should enable Yahoo to exceed published EPS estimates for the next 4-6 quarters. He also says the company's pristine gross margins (78%+), reduced operating costs enable upside to revenue to flow directly to EPS. Sees $0.02 4Q EPS, $0.06 for 2002, and sees $0.25 EPS for 2003.

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