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JP Morgan Cuts Yahoo to Neutral

From Standard & Poor's Equity Research

JP Morgan downgraded Yahoo (YHOO) to neutral from overweight, noting the recently announced disappointing quarterly results and a delay in launching the advertising management system Panama.

Analyst Imran Khan says the delay in launching Panama may further underscore Google's technological advantage over Yahoo. The analyst notes $1.123 billion second quarter revenues were below his and the consensus estimates of $1.140 billion, as well as driven by weaker search results in the domestic market. He says that 11 cents GAAP earnings per share (EPS) was in line with the consensus, but below his 12 cents estimate. He cut his 51 cents 2006 EPS estimate to 49 cents and his 73 cents 2007 estimate to 65 cents. He sees no near term positive catalyst for Yahoo.

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