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Yahoo! Has Gotten Too Cheap to Ignore

Stock quotes in this article: YHOO  

This column was originally published on RealMoney on Sept. 22 at 8:51 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

Is Yahoo!(YHOO Quote) getting too cheap?

The whole (sickening) way down to $31 for Yahoo! while Google(GOOG Quote) has climbed to well above $300, I have watched the leveling process at work. They both now sport identical multiples on next year's earnings. Any appreciation from Google beyond here I believe will accrue to Yahoo!'s benefit. And I believe that Yahoo!, which I own for ActionAlertsPLUS, is getting "too cheap" -- relative term, I know -- to ignore for the growth guys.

I say this because when I read about all of the problems that the newspapers are having, I keep coming back to the fact that they are being challenged not so much by Google on the ad side -- they are on the content side, because Google is taking mindshare away -- but by Yahoo!. ...

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