Citigroup Upgrades Yahoo, Predicts Microsoft Bid Increases to $34 a Share
Citigroup analyst Mark Mahaney upgraded Yahoo from hold to buy, based on the belief that Microsoft will increase its bid to $34 per share for the Sunnyvale search engine. The bank said that Yahoo’s dates with other suitors will likely force Microsoft’s hand. However, with no firm offers on the table, and NewsCorp having said no to the possibility of acquiring Yahoo, this statement is a bit of a stretch.
Still, Yahoo recently tried to boost its cred by releasing 3 year projections estimated at $8.8 billion. And Citigroup thinks that Yahoo is Microsoft’s best bet for scalability in its grand plan for catching Google. Mahaney doesn’t think antitrust concerns would ultimately kill the deal but provided no insight on how culture clashes could stall or interrupt scalability.
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