With new CEO Marissa Mayer at the helm, investors are starting to give Yahoo! ( YHOO) the benefit of the doubt again. Mayer's reputation preceded her, and though she's only been running Yahoo for three months and change, expectations are high that she'll be able to stage a turnaround at the one-time tech sector darling. That's helped the firm to shift into an uptrend since early April. >>4 Tech Stocks to Trade (or Not) Even though Yahoo! has been bashed by its detractors, there's still a lot to like about this stock. For starters, the firm sold its crown jewel investment in China's Alibaba in a move that converted around half of YHOO's market capitalization into balance sheet cash. That abundance of dry powder gives the firm plenty of resources to turn the ship around for investors -- and dramatically reduces the risk that would come from a tech company with more intangible value. When it comes to valuation, cash is still king. And Yahoo!'s web properties are still pretty impressive themselves. The firm still attracts more than 650 million unique visitors per month, making it one of the biggest destinations online today. It's likely we'll see Yahoo! start spending some money on M&A or internal investment, but with all eyes on Mayer, it's much less likely that the firm will overpay for its growth opportunities. Yahoo! still looks undervalued right now, so we're betting on shares.