Seven analysts downgrade Yahoo stock
Yahoo's shares weren't the only thing to take a beating Monday, following Microsoft's megabillion buyout pullout.
Turns out a fifth of analysts who follow Yahoo changed their recommendations on Monday--all to a "sell" or "strong sell," according to Thomson Reuters.
The downgrades come as Yahoo ended the day at $24.37 per share, down 15 percent from its close on Friday.
Seven analysts changed their recommendations, and here's the score:
- 3 were updated to "strong sells" from "strong buys"
- 3 were updated to "sell" from "hold"
- 1 updated to "strong sell" from "hold"
"When it comes to mergers, you often see analysts saying it's time to get out or it's time to get in," said David Dropsey, a senior research analyst with Thomson Reuters.
Yahoo's 12-month price target, meanwhile, also got a tweak by Wall Street. The price target is analysts' expectations of where the stock will be trading 12 months from now.
Of the 11 price target changes or confirmations on Monday, a new mean emerged of $22.45 per share, compared with the mean of $29.57 on Friday, according to Thomson Reuters.
And how did Microsoft's stock perform?
The software giant closed at $29.08 a share, down 0.55 percent.
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