Yahoo's stock hits $19 for 1st time since 2010

Associated Press Modified: November 26, 2012 at 4:00 pm •  Published: November 26, 2012
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Since Mayer made the buyback commitment, Yahoo's stock has climbed by nearly 20 percent. The shares hit $19 in Monday's early trading for the first time since April 2010.

Goldman Sachs analyst Heath Terry believes Yahoo's stock will climb even higher, as more investor enthusiasm builds for Mayer's turnaround strategy and the value of the company's remaining holdings in Asian Internet companies becomes clearer. Besides retaining a 24 percent stake in Alibaba, Yahoo also owns 35 percent of Yahoo Japan. He also thinks Yahoo's stock will get a boost from future buybacks planned by Yahoo.

In a Monday research report, Terry raised his price target for Yahoo's shares to $24 from $22. The price targets of 15 other analysts surveyed by FactSet range from $16.50 to $22.

After climbing to $19 in Monday's early trading, Yahoo shares closed at $18.75, up 18 cents.