Pacific Crest Believes YNDX Won’t Stop Here

By George MacDonald

According to The Fly, pacific Crest analyst Evan Wilson reiterated a Buy rating on Yandex NV (NASDAQ: YNDX) yesterday. The company’s shares opened today at $22.24, close to its 52-week high of $23.20.

Wilson noted, “We are raising our 2016 revenue estimate to $1.12 billion from $1.10 billion and lowering EPS to $0.65 from $0.67 primarily due to currency as the ruble has strengthened, the improving business results and more business investments. Our constant- currency estimates for revenue and EBITDA go to RUB72.9 billion and RUB24.9 billion from RUB71.8 billion and RUB25.4 billion, respectively. We still think Yandex is well positioned and that it will benefit from a rebound in the macro situation, which is increasingly appearing to be the case.”

According to TipRanks.com, Wilson is a 2-star analyst with an average return of 0.2% and a 61.0% success rate. Wilson covers the Technology sector, focusing on stocks such as MaxPoint Interactive, Activision Blizzard, and Shanda Interactive.

Currently, the analyst consensus on Yandex NV is Moderate Buy and the average price target is $24, representing a 7.9% upside.

In a report issued on July 18, HSBC also initiated coverage with a Buy rating on the stock with a $26.70 price target.

The company has a one year high of $23.20 and a one year low of $9.94. Currently, Yandex NV has an average volume of 2.64M.

Yandex NV operates as an investment holding company with interest in providing internet search engine services. The company develops search technology and information retrieval services in applied mathematics and data analysis for Internet users. It also features parallel search, which presents on a single page, results from both its main web index and information resources, including news, shopping, blogs, images and videos. The company offers access to its search engine through personal computers, mobile phones, tablets, and navigation and other digital devices. Yandex was founded by Elena Kolmanovskaya, Ilya Segalovich and Arkady Volozh in 2000 and is headquartered in Amsterdam, the Netherlands.