November 20, 2008 9:43 AM -
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Yahoo Now Oversold, Says Needham; Ups Rating To Buy —

Has Yahoo (YHOO) finally hit rock bottom? Needham’s Mark May thinks so. He upgraded the stock this morning to Buy from Hold, asserting that Yahoo is now oversold. “We believe the significant sell-off in YHOO shares has finally neared a trough, and that downside from here is limited even under our worst case scenario,” he writes. “While the economic, consumer and advertising backdrop remains challenged and highly uncertain, a change in leadership, new product launches and the potential for a renewed Microsoft deal could all prove positive catalysts for Yahoo and its shares over the next 3-9 months.” May adjusted...
[Tags: 9 months, backdrop, catalysts, downside, estimates]