Citigroup says Microsoft likely to raise Yahoo offer
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Citigroup said it is likely Microsoft Corp will raise its $31-per-share offer for Yahoo Inc and upgraded Yahoo shares to “buy” from “hold.”
The brokerage raised its price target on Yahoo’s stock to $34 from $31, saying it believed Microsoft remained committed to its offer and “is capable of and willing to” increase that bid to conclude the deal.
“While we continue to see no other competing bidders, we believe Yahoo is aggressively pursuing strategic alternatives,” analyst Mark Mahaney said in a note to clients.
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