$美国在线(AOL)$ 被高估了吗？ AOL's Stock Looks Too Richly Valued Despite Improved Outlook
观点：AOL’s stock has had a stellar run over the last year as it has more than doubled from its levels in March 2012. This jump was driven by an improved perception surrounding AOL’s business model and sale of patents to Microsoft, which netted the company $1 billion in cash.
While we agree that some of AOL’s businesses look promising going forward, we think that the level of optimism currently surrounding the company is overdone. We have already accounted for display ad growth in our AOL valuation and think the turnaround the market expects will be difficult to execute in the coming years.
Our current price estimate stands at $25, which is approximately 30% below the current market price.