Wall Street analysts tempered their view on Yahoo Inc’s stock after the company’s plans for a tax-free spinoff of its stake in Alibaba Group Holdings Ltd hit a snag.
The company’s shares were down 1.1 percent at $30.57 in early trading on Wednesday. At least nine brokerages cut their price targets on the stock, but kept their recommendations unchanged.
Yahoo said on Tuesday the U.S. Internal Revenue Service (IRS) denied its request for a private letter ruling (PLR) on a possible tax-free deal that could fetch it $23 billion.
http://www.reuters.com/article/2015/09/09/us-yahoo-divestiture-research-idUSKCN0R91CJ20150909
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