PiperJaffray: Yahoo! April Ad Checks Weak, But 'Continues to Like YHOO for 2H11'

Noting that it "continue[s] to believe shares of YHOO will gain investor attention as the company returns to growth in Q4 of this year," PiperJaffray reiterates its Overweight rating on Yahoo! (NASDAQ: YHOO) Tuesday.

Yahoo! Inc. together with its subsidiaries is a digital media company.

Analysts at PiperJaffray notes that "Shares of Yahoo! currently trade at 3.5x FY12E EBITDA when factoring in the company's Asian investments and cash. We believe a potential catalyst for shares in the next six months could be a spin-out of Yahoo!'s stake in Yahoo! Japan."

PiperJaffray notes that its daily Ad checks in April appeared weak, and the "Display Industry Appear[s] to have essentially unchanged sell-through."

PiperJaffray holds at $22 price target on the stock.

Shares of Yahoo! gained $0.44 on Monday, or 2.5%, to $18.14.