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Jefferies Upgrades Yahoo


Jefferies upgrades Yahoo (YHOO) to buy from hold.

Analyst Youssef Squali says Yahoo posted a solid fourth quarter, beating his, consensus revenue, earnings per share estimates, and establishing better-than-expected 2005 guidance.

He believes Yahoo stock is poised to regain momentum after having traded relatively sideways in the last few months. He notes, however, that risks include increased competition in search from Google, Microsoft's MSN, and in branded advertising from a reenergized AOL.

Squali raises his 50 cents 2005 earnings per share estimate to 56 cents, and his 65 cents 2006 earnings per share estimate to 72 cents. He raises his $36 target to $43.


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