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UBS Piper Upgrades Yahoo! Rating

UBS Piper upgraded Yahoo! (YHOO) to buy from neutral.

Analyst Safa Rashtchy says Yahoo! beat his high-on-Street revenue estimate and matched his EPS. He cites a strong advertiser base and the stabilizing ad market. The web company also increased its Fortune 100 advertiser base from 49 to 54, and now has 62 of the top 100 U.S. advertisers.

Rashtchy notes that top 200 advertisers on Yahoo! maintained Q1 spending levels, and that traditional advertisers increased spending by 20% over Q1. He thinks investors have seen the worst of Yahoo!'s internal problems, with coming improvements in ad sales, innovative new products, better effectiveness and a big, still largely untapped, market.

He sees $0.06 2001 EPS, and cut his $0.15 2002 EPS estimate to to $0.13.

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