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SoundView Hikes Yahoo! Rating

SoundView upgraded its investment rating on shares of Yahoo! (YHOO) to strong buy from buy.

Analyst Jordon Rohan says his $20 target gives 39% upside from current levels. He says an advertising recovery is at hand, and the ad market should increase at two to three times GDP growth; he expects online advertising to outperform. Rohan thinks attrition and consolidation of Yahoo's competitors will drive increased market share for the company. He raised his first quarter revenue estimate to $180 million and his forecast for 2002 to $793 million; he notes the high end of the guided range is $785 million, which doesn't include any contribution from HotJobs. Rohan thinks the stock will trade well into the first quarter EPS report, at which he expects a rosier outlook for online advertising to be confirmed.

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