BGC Financial analyst Colin Gillis says Yahoo (YHOO) remains a tracking stock for Alibaba (BABA) after the company's Q1 results missed expectations. Gillis thinks over $10 per Yahoo share could be unlocked using the full publicly traded values for Alibaba and Yahoo Japan. He believes, however, that the biggest part of the valuation remains the Alibaba stake, and expects Alibaba's results on May 7 to have a greater impact on Yahoo's share price than its own results. Gillis continues to recommend a three-point plan for Yahoo to deliver shareholder returns: Execute the Alibaba stake spin out, spin out Yahoo Japan in a similar tax efficient manner, and "pursue and embrace" a go-private offer from a private equity consortium. He keeps a Buy rating on shares of Yahoo with a $52 price target. The stock is trading down 72c to $43.77 in midday trading.