BGC Partners Has Hold On Yahoo! Inc. (YHOO)

BGC Partners has a Hold rating and a $17 price target on shares of Yahoo! Inc. (NASDAQ: YHOO).

In a note to clients, BGC writes, "Our net revenue estimate of $1.031B is a decline of 8.8% YoY and a decline of 14.5% sequentially. Our net revenue estimate is below consensus estimates of $1.057B. Our adjusted EPS estimate of $0.15 compares to $0.16 in the prior year and $0.26 in the prior quarter. Consensus adjusted EPS is $0.16. While CEO Carol Bartz has entered into the third year of her contract, the company is still very much in the process of turning itself around. In our opinion she has just finished assembling her team of senior talent including new additions such as Ross Levinsohn to oversee Yahoo Americas and Wayne Powers to oversee sales (both in November 2010), and Blake Irving last spring as Chief Product Officer. While 2011 should bear some fruits from having a senior team in place, we do see the turnaround process running about a year behind schedule."

Shares of YHOO are up 4 cents in early Friday trading to $16.73, a gain of 0.24%.