Yahoo!: Yet Another Hierarchical Officious (re)Organization -- Brian Wieser, Pivotal Research

BOTTOM LINE: Yahoo reported 4Q15 results along with several key announcements indicating a willingness to sell the core business, revised strategic focus and cost-cutting efforts and a Board change. Our estimates for the value of Yahoo's component parts remain essentially unchanged. We value the stock at $35 on a YE2016 basis, with a downward revision from $36 primarily due to a recent decline in the value of Alibaba. We continue to rate Yahoo stock Buy.