Internet media company Yahoo! (YHOO) was up 3.4% in preopen Instinet trading after Lehman Brothers advised investors to buy the stock on the current pullback.
Lehman's note said Yahoo!'s current depressed stock price is probably the result of speculation that the company won't make its third-quarter estimates. The note said that according Lehman's research, a "significant shortfall" in the results is unlikely.
Lehman reiterated its $20 price target and said it expects a resurgence of growth in mid-2002.