Cantor Fitzgerald joins Yahoo party
The firm upgraded the Internet company, saying it has become more valuable.
By Sam MatteraYahoo (YHOO) has been a favorite of analysts in recent weeks. The Internet giant got yet another upgrade Tuesday, as Cantor Fitzgerald raised the company from a "hold" to a "buy" with a $26 price target.
Shares of Yahoo gapped up about 1% at the open Tuesday, breaking to a new 52-week high.
Like Barclays Monday, analysts at Cantor cite favorable trends in the value of Yahoo's oversees assets. Specifically, Cantor believes Yahoo's remaining stake in Alibaba could be worth $15.8 billion. On its last conference call, Yahoo valued its remaining Alibaba stake at only $8.1 billion.
In addition to the Alibaba stake, Cantor thinks Yahoo Japan has become more valuable. Previously, Yahoo's Japanese venture was worth about $3.20 per share, now Cantor believes it could be worth $4.50 per share.
Since hedge fund magnate Dan Loeb joined Yahoo's board, the company has seemingly embraced a strategy of selling off its non-core assets and returning the capital to shareholders. Last September, Yahoo began a $3 billion stock repurchase program after it sold part of its Alibaba stake.
Shares of Yahoo traded near $22.80 on Tuesday.
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