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Fly News Breaks for September 28, 2015
BABA, YHOO
Sep 28, 2015 | 09:06 EDT
After speaking with a "leading tax expert," Citi analyst Mark May has increased confidence that Yahoo (YHOO) will successfully spin-off its stake in Alibaba (BABA) in a tax-free transaction. May sees "few if any" roadblocks remaining to executing the deal in the near term. To reflect Alibaba's reduced share price, May lowered his price target for Yahoo to $34 from $55. Even assuming no tax-free spin, shares of Yahoo are worth $28 at current Alibaba levels. He keeps a Buy rating on the stock.
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