Yahoo’s Price Target Slashed
ADOTAS — Slowing online ad spending prompted Jeffries analyst Youssef Squali to cut his target for the search engine this morning.
While he  set a $20 price target for a Yahoo share, down $3, the analyst kept his buy rating. It’s still far above this morning’s pre-market price of $10.89.
For the 2009 fiscal year, Squali also trimmed his earnings estimate to 46 cents per share from 55 cents, lowered revenue estimates to $5.5 billion from $5.7 billion. Though he noted that Jerry Yang’s departure and the arrival of Carl Icahn on the board, which might lead to restarting Microsoft talks, he still sees a decline in search-related advertising and display ads not tied to search.
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