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YHOO

Yahoo

$41.79

0.35 (0.84%)

, VZ

Verizon

$50.29

-0.1399 (-0.28%)

10:40
10/18/16
10/18
10:40
10/18/16
10:40

Needham cuts Yahoo to hold on acquisition, valuation worries

Research firm Needham downgraded Yahoo (YHOO) to Hold from Buy based on valuation and its concern that Verizon (VZ) could decide to renege on its commitment to buy the troubled Internet giant. DEAL AT RISK: On September 22, Yahoo announced that the personal information of about 500M of its users had been stolen, noted Needham analyst Laura Martin. Last week, the general counsel of Verizon, which agreed to buy Yahoo in July, said that it's "reasonable" to believe that Verizon could seek to renegotiate, or walk away from, the deal in the wake of the data breach. Martin is concerned that Verizon could renege on the deal or demand that the acquisition price be lowered. VALUATION: Yahoo's stock has exceeded Martin's previous target price of $40 per share, the analyst noted. EARNINGS: Yahoo is scheduled to report its earnings after the market closes today, October 18. However, the company said that it would not host a conference call tonight due to the Verizon deal. WHAT'S NOTABLE: Speaking earlier this month at the Internet Association's Virtuous Cycle conference, Verizon CEO Lowell McAdam downplayed a New York Post article alleging it was seeking a $1B discount in its deal for Yahoo following cybersecurity breaches at the company, reported CNBC. "That is just total speculation -- we still see a real value to the asset there. But in fairness, we're still understanding what was going on, to define whether it's a material impact to the business or not. But the industrial logic of doing this merger still makes a lot of sense... I'm hoping we can get through all this stuff and get to the close," McAdam was quoted as having said. PRICE ACTION: In morning trading, Yahoo climbed about 1.5% to $42.45. Since July 25, the date on which Verizon and Yahoo jointly announced a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83B in cash, Yahoo shares have risen 7.75%.

YHOO

Yahoo

$41.79

0.35 (0.84%)

VZ

Verizon

$50.29

-0.1399 (-0.28%)

  • 20

    Oct

  • 07

    Nov

  • 24

    Jan

YHOO Yahoo
$41.79

0.35 (0.84%)

10/18/16
NEED
10/18/16
DOWNGRADE
NEED
Hold
Yahoo downgraded to Hold from Buy at Needham
Needham analyst Laura Martin downgraded Yahoo to Hold saying shares now trade above her previous $40 price target, she worries Verizon (VZ) will walk away or renegotiate the acquisition price lower due to the 2014 hacking event, and lowered FY16 estimates to the low end of guidance.
09/28/16
SBSH
09/28/16
NO CHANGE
SBSH
Buy
Citi hopes Disney does not acquire Twitter
Citi analyst Jason Bazinet lays out four reasons for why he doesn't like Disney (DIS) pursuing an acquisition of Twitter (TWTR). Going back 15 years, the analyst can't think of a single web-based property that was successfully acquired by a traditional media firm. Two, he calls Twitter trends "troubling." Three, Bazinet estimates a cash offer would lower Disney's stock by $5 per share while an equity offer would drop its stock by $9. Four, the analyst feels it is unclear how Disney's content will help Twitter. Bazinet thinks both Yahoo (YHOO) and Twitter lost "significant money" when they streamed NFL content over the web. The analyst hopes Twitter is acquired by somebody other than Disney. He keeps a Buy rating on Disney shares. Both Loop Capital and Mizuho this morning downgraded Twitter to sell ratings.
09/23/16
BOFA
09/23/16
NO CHANGE
Target $55
BOFA
Buy
BofA thinks Verizon deal stays on track despite Yahoo data breach
Bank of America Merrill Lynch analyst Justin Post said that Yahoo's (YHOO) disclosure of the massive data breach impacting over 500M of its users is clearly a negative for the company that could result in email account closures, but he does not anticipate a major impact on Yahoo's business related to this breach, citing as evidence the fact that he is not aware of any significant business impairment or financial liability related to security breaches at LinkedIn (LNKD) in 2012 and at eBay (EBAY) in 2014. Post adds that the Target (TGT) data breach, which did include credit card info, is not directly comparable to Yahoo's breach. For Verizon (VZ) to back out of its acquisition agreement, Post thinks the company would need to assume Yahoo acted in bad faith during negotiations and that the Yahoo asset is impaired or comes with significant liability, neither of which he sees as being the case. The analyst keeps a Buy rating on Yahoo and bumped his target on the shares to $55 from $53, citing an increased price target on Alibaba (BABA) that a peer at the firm recently set.
09/23/16
RHCO
09/23/16
NO CHANGE
RHCO
Yahoo hack is probably not a material adverse change, says SunTrust
After Yahoo (YHOO) reported that over 500M of its accounts had been hacked, SunTrust analyst Robert Peck thinks that the news is probably not a material adverse change, or MAC, that would jeopardize the company's acquisition by Verizon (VZ). He notes that the sales contract says that a MAC will not be triggered by "any failure by Yahoo to meet its internal or published projections, budgets, plans, or forecasts of its revenues, earnings, or other financial performance or results of operations." The analyst says that the hack "may be manageable," since a majority of the victims could be e-mail users who are sticky. He keeps a Neutral rating on Yahoo.
VZ Verizon
$50.29

-0.1399 (-0.28%)

09/19/16
WELS
09/19/16
NO CHANGE
WELS
Concerns about Frontier Communications leverage overdone, says Wells Fargo
Wells Fargo says that some investors have expressed concern about Frontier's leverage ratio. Specifically, the firm says there are some worries that if Frontier has difficulty integrating the Verizon (VZ) assets it purchased, it may trigger bank covenants. However, Wells says that Frontier's synergy realization and subscription outlook have improved since Q2. Wells adds that the company's dividend is "very secure neat-term," and it keeps an Outperform rating on the shares.
09/06/16
RHCO
09/06/16
NO CHANGE
Target $18
RHCO
Neutral
SunTrust sees 'limited' list of Twitter suitors, says activist action unlikely
SunTrust analyst Robert Peck reiterated his belief that Twitter (TWTR) is unlikely to sell itself in 2016 in a new note to investors, but noted that investors have asked him who would be interested if Twitter were open to a sale. While giving his opinion on potential acquirers - which he sees possibly including Google (GOOG), Facebook (FB), Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), AT&T (T), Verizon (VZ), Disney (DIS), Fox (FOXA), and Alibaba (BABA) - Peck said the company's high price and "unique" asset limit the potential buyers and gave his view that a PE buyer is highly unlikely given the company's lack of free cash flow. Additionally, Peck thinks activist action at Twitter seems "extremely unlikely" despite "unsubstantiated investor conjecture" and media reports. The analyst keeps Neutral rating and $18 price target on Twitter shares.

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SLM

Sallie Mae

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0.23 (2.18%)

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MIK

Michaels

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Kellogg

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NAVI

Navient

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0.03 (0.18%)

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VRSK

Verisk Analytics

$83.04

0.13 (0.16%)

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CMCO

Columbus McKinnon

$27.59

1.07 (4.03%)

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CLGX

CoreLogic

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-0.28 (-0.73%)

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  • 15

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MGP

MGM Growth

$24.60

-0.18 (-0.73%)

, GLPI

Gaming and Leisure Properties

$30.70

0.24 (0.79%)

05:21
12/07/16
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05:21
Downgrade
MGM Growth, Gaming and Leisure Properties, Boyd Gaming rating change  »

MGM Growth downgraded to…

MGP

MGM Growth

$24.60

-0.18 (-0.73%)

GLPI

Gaming and Leisure Properties

$30.70

0.24 (0.79%)

BYD

Boyd Gaming

$19.63

0.39 (2.03%)

03/08/13
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ASX

Advanced Semiconductor

$5.38

0.11 (2.09%)

05:20
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Advanced Semiconductor reports Nov. revenue up 1.3% to $821M »

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ACIA

Acacia Communications

$70.14

1.08 (1.56%)

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Acacia Communications establishes EMEA-APAC headquarters in Limerick, Ireland »

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NVS

Novartis

$68.96

-0.01 (-0.01%)

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WDC

Western Digital

$63.85

1.76 (2.83%)

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F

Ford

$12.56

0.12 (0.96%)

05:16
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MU

Micron

$19.06

0.45 (2.42%)

05:15
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  • 07

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ESGR

Enstar Group

$194.15

0.5 (0.26%)

05:12
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Enstar Group announces reinsurance of QBE Legacy U.S. business »

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TRUE

TrueCar

$12.44

0.02 (0.16%)

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TWI

Titan International

$11.68

0.08 (0.69%)

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ANET

Arista Networks

$93.86

1.11 (1.20%)

, HPE

HP Enterprise

$23.96

-0.25 (-1.03%)

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ANET

Arista Networks

$93.86

1.11 (1.20%)

HPE

HP Enterprise

$23.96

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DPSGY

Deutsche Post

$31.62

0.015 (0.05%)

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DLLLY

Delta Lloyd

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SSREY

Swiss Re

$23.68

0.195 (0.83%)

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ZURVY

Zurich Insurance

$26.82

0.365 (1.38%)

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AV

Aviva

$11.86

0.36 (3.13%)

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BHP

BHP Billiton

$38.34

-0.4 (-1.03%)

04:58
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  • 07

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RIO

Rio Tinto

$39.25

-0.24 (-0.61%)

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