NEW YORK (TheStreet) -- Yahoo (YHOO) is setting its sights on the growth of wearables and other mobile devices as the Internet star of the last dotcom boom tries to transform itself into a world of apps, the Financial Times reports.
Adam Cahan, senior VP of mobile, said wearable devices such as Apple's (AAPL) Apple Watch present a big opportunity for Yahoo next year, both as new homes for existing apps and to create new user experiences, the Times said.
Cahan said he expected Yahoo and the wider industry to benefit from "huge amounts of future growth", including an acceleration in the adoption of mobile devices including wearables and the so-called Internet of things, where ordinary household appliances are hooked up to the Internet, the Times added.
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Shares of Yahoo are down 0.61% to $50.55 in pre-market trade.
TheStreet Ratings team rates YAHOO INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate YAHOO INC (YHOO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."