The clock is ticking for Yahoo as Alibaba's initial public offering becomes a reality, analysts said.
"Effectively, management has been hiding behind the Alibaba IPO and investors have been giving them some wiggle room," said Youssef Squali, an analyst at Cantor Fitzgerald.
"2014 absolutely needs to be year for [Yahoo] to show growth, otherwise this thing is going to be a value trap for a while. This is a make or break year for Marissa Mayer, she's not going to get another honeymoon period with investors," said Squali.
(Read more: E-commerce giant Alibaba starts plan for US IPO)
"The reason for that is as long as the IPO carrot is dangling in front of investors they will stick around, because they know they will get a payday. But the day it goes public Yahoo's management will need to start delivering on the core of Yahoo and what that means," Squali said.
Since Marissa Mayer joined Yahoo as CEO in 2012, the company's stock has doubled. But the growth has been primarily driven by the company's 24 percent stake in the Alibaba, not by actual growth within Yahoo, said Trip Chowdhry, managing director at Global Equities Research.
"We need to give credit where credit is due and that is Yahoo's stake in Alibaba. When Alibaba goes public the company will get some more money, but from the fundamental point of view investors should ask has Marissa Mayer really improved Yahoo? And I would say not at all."