There was finally some good news for Yahoo (YHOO) on the search front this week, but the just announced departure of� of Chief Technology Officer Ari Balogh is not likely to help the company’s ongoing turnaround, says BroadpointAmTech analyst Ben Schachter.
Balogh’s departure is for personal reasons, as All Things D reported yesterday.
“Combine Balogh’s departure with the recent loss of ad sales exec Joanne Bradford and the many other employee exits over past year, and it is hard not to be concerned,” Schacter wrote in a note to clients today.
Schacter is holding onto a Buy rating, though. “Still, we continue to like the stock, and we are convinced that Yahoo’s Asia investments are the jewel of the company.”
Yahoo shares are up five cents today to $17.40.
Update: Standard & Poor’s Equity Research reiterated its Strong Buy rating on Yahoo this afternoon. The firm says it expects Balogh’s replacement to be named soon. Despite concerns about the executive turnover, analyst Scott Kessler writes that “we continue to think that given a healthier global economy and online ad spending environment, a more focused Yahoo will be able to better execute and generate shareholder value.”
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