Yahoo shares tumble, analysts downgrade stock after Microsoft withdraws $47.5 billion bid
Yahoo shares tumble, analysts downgrade stock after Microsoft withdraws
$47.5 billion bid
NEW YORK (AP) -- Yahoo Inc.'s shares sank Monday and several analysts
downgraded the company's stock after Microsoft Corp. withdrew its $47.5
billion takeover bid for the Internet icon
Canaccord Adams analyst Colin Gillis cut his rating to "Sell" and dropped
his price target to $21 from $35 in a client note, saying that the bid
withdrawal could lead Yahoo's stock to trade down to around $23 per share.
Meanwhile, ThinkPanmure analyst William Morrison lowered his rating for
Yahoo shares to "Sell" from "Accumulate" and cut his price target to $20
from $31 in a client note.
The analyst said Yahoo's rejection of Microsoft's bid may likely "go down as
one of the more destructive decisions for shareholder value in the history
of Internet stocks."
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