Yahoo Inc. was upgraded to buy from neutral at Citibank on Thursday, as analyst Mark May said he predicted 15% upside to shares based on the impending outcome of the auction process. The analyst raised his 12-month price target on the stock to $43 from $38, and said that a number of other near-term catalysts, including a recent positive outlook from Alibaba Group Holdings Ltd. , in which Yahoo owns a considerable stake, could also help to propel the stock. Shares of Yahoo rose 0.5% to $37.50 in premarket trade. They have risen 10% over the last three months, outperforming the 2% improvement for the S&P 500. Verizon Communications and AT&T are reportedly among the companies heading to the final round of the bidding process for Yahoo’s digital assets.
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