Goldman Sachs Raises Price Target On Yandex (YNDX), Story Intact
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Price: $18.94 --0%
Rating Summary:
19 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
19 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Goldman Sachs boosted its price target on Buy-rated Yandex (NASDAQ: YNDX) from $28.80 to $29.60 following strong Q4 results which came with a mixed outlook. The firm said that the long-term story is intact.
On the quarter, Goldman noted that O&O revenues were slightly below views but this was offset by higher partners and display revenues. The company expects 40%-45% revenue growth in 2012.
On the guidance, Goldman believes management comments on profitability in 2012 are based on conservative assumptions of the dynamics of the main cost items. Goldman raised its revenue growth outlook to 43%. However, they believe this will be driven by higher partners' revenues. Thus, the firm's EBITDA estimate was only raised 1.3%-1.5% in 2012-13E. EPS increases by 4%-5%.
The analyst comments, "We believe that the longterm investment case of Yandex remains intact – the company is the market leader and the partner of choice for the ecosystem, and cost and revenue flexibility helps it capture market growth and translate it into healthy EPS growth."
For an analyst ratings summary and ratings history on Yandex click here. For more ratings news on Yandex click here.
Shares of Yandex closed at $22.63 yesterday.
On the quarter, Goldman noted that O&O revenues were slightly below views but this was offset by higher partners and display revenues. The company expects 40%-45% revenue growth in 2012.
On the guidance, Goldman believes management comments on profitability in 2012 are based on conservative assumptions of the dynamics of the main cost items. Goldman raised its revenue growth outlook to 43%. However, they believe this will be driven by higher partners' revenues. Thus, the firm's EBITDA estimate was only raised 1.3%-1.5% in 2012-13E. EPS increases by 4%-5%.
The analyst comments, "We believe that the longterm investment case of Yandex remains intact – the company is the market leader and the partner of choice for the ecosystem, and cost and revenue flexibility helps it capture market growth and translate it into healthy EPS growth."
For an analyst ratings summary and ratings history on Yandex click here. For more ratings news on Yandex click here.
Shares of Yandex closed at $22.63 yesterday.
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