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Fly News Breaks for March 23, 2015
YHOO
Mar 23, 2015 | 08:29 EDT
BofA/Merrill expects Yahoo (YHOO) to start monetizing Tumblr revenues in 2015. The firm expects 2015 revenues to grow to $95M and for material growth in 2016. BofA/Merrill said Tumblr could drive incremental valuation upside for Yahoo following the Alibaba (BABA) spin. Separately, BofA/Merrill lowered Yahoo's price target to $61 from $66 due to a lower valuation for the Alibaba stake. Shares are Buy rated.
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