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Fly News Breaks for May 20, 2015
BABA, YHOO
May 20, 2015 | 07:55 EDT
UBS said the risk/reward for Yahoo (YHOO) remains favorable despite the uncertainty that was created by comments from an IRS official regarding spin-offs. The firm sees fair value as roughly $40 using a sum-of-the-parts valuation if the Alibaba (BABA) and Yahoo Japan shares were fully taxed at current market prices. UBS noted Yahoo's CEO expressed confidence in the company's ability to move forward with monetizing assets in a tax efficient manner. UBS reiterated its Buy rating and $59 price target on Yahoo shares.
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