Think Equity has downgraded Yahoo! (YHOO) to "accumulate" and dropped its price target to $32.

New CEO Jerry Yang did not even get to warm his new seat.

The research firm is concerned that new search advertising tech, Panama, has not performed up to expectation and that Yahoo!’s display advertising business is not making much progress. Apparently Think Equity did not buy the idea that Yahoo!’s new behavior targeted display platform will help improve revenue.

Douglas A. McIntyre