William Blair analyst Ralph Schackart maintained a Market Perform rating on Yahoo! (NASDAQ:YHOO), following the company’s fourth-quarter results, posting net revenue of $1.18 billion that was in line with the consensus estimate of $1.19 billion, and EBITDA of $409 million that were above the consensus estimate of $365 million. No price target was provided.

Schackart wrote, “We remain cautious about the company’s display business (39% of fourth-quarter net revenue) because of the industry shift toward programmatic buying. In our view, real-time bidding is the primary reason Yahoo’s price-per-display advertisement declined year-over-year for an eighth consecutive quarter. Our belief is that the market continues to move toward programmatic buying, not away from it, as advertisers realize pricing efficiencies and better targeting capabilities.”

The analyst added, “We maintain our Market Perform rating especially as investors began focusing more on Yahoo’s core business fundamentals following the announced spin-off of its Alibaba investment, in our view.”

Yahoo! Inc. operates as a technology company worldwide. The company offers Yahoo Search that serves as a starting point to navigate the Internet and discover information; and Yahoo Answers, which enables users to seek, discover, and share knowledge and opinions across mobile phones, tablets, and desktop.