Market Update (NASDAQ:YHOO): Starboard launches proxy fight to remove entire Yahoo board

[Reuters] – Activist hedge fund Starboard Value LP launched a proxy fight on Thursday to remove the entire board of Yahoo Inc, including Chief Executive Marissa Mayer, who has struggled to turn around the company in her nearly four years at the helm. Starboard, which has been pushing for changes at Yahoo since 2014 and owns about 1.7 percent of the company, said it would nominate nine candidates for the board. The proxy fight comes as Yahoo is pressing ahead with an auction of its core Internet business, which includes search, mail and news sites. Read more on this. Yahoo! Inc. (YHOO) , with a current value of $32.90B, started trading this morning at $34.45. Looking at the stock, its one day range is $33.93 to $34.84 and has traded between $26.15 and $46.17 over the past 12 months. YHOO shares are currently priced at 65.66x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 16.55x earnings multiple for the same period. According to a consensus of 35 analysts, the earnings estimate of $0.07 per share would be $0.08 worse than the year-ago quarter and a $0.07 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $0.53 is a $0.06 worse when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.08 Billion. If realized, that would be a 12.20% decrease over the year-ago quarter. In terms of ratings, Citigroup downgraded YHOO from Buy to Neutral (Mar 22, 2016). Previously, Citigroup upgraded YHOO from Neutral to Buy. When considering if perhaps the stock is under or overvalued, the average price target is $37.76, which is 9.61% above where the stock opened this morning. See more in (NASDAQ:YHOO) Similar Articles: Market Update: Yahoo! Inc. (NASDAQ:YHOO) – Lexus Revs Up Basketball Fans with New Campaign on Yahoo Sports and Launches Bracket Challenge Market Update: Yahoo! Inc. (NASDAQ:YHOO) – Yahoo Sports Launches The Vertical Stock Update (NASDAQ:YHOO): Yahoo! Slips as Starboard, Frustrated, Urges Regime Change