UPDATE: Benchmark Reiterates Hold Rating on Yahoo!

Benchmark reiterated a Hold rating and a price target of $17 on Yahoo! (NASDAQ: YHOO).

Benchmark commented, “Yahoo reported net revenue of $1.08 billion, flat y/y and EBITDA of $394 million, down 8% y/y. Display was up only 1% as industry performance slowed during the quarter. Yahoo had previously expected display to grow a mid-single digit percentage. Search was up 4% y/y, modestly higher than anticipated. Other revenue dropped 7% y/y as broadband deals with AT&T and Rogers contractually declined. This compared to previous Yahoo guidance of “down slightly.”

Yahoo! closed at $15.60 on Tuesday.