Deutsche Bank Starts Yandex (YNDX) at Buy

Deutsche Bank initiates coverage on Yandex (NASDAQ: YNDX) with a Buy rating and $40 price target.

The firm states, "Yandex is the leader in search in Russia (with an est. 65% share), but the company's dominant position in other Internet categories (maps, news, mail, shopping, payments to name a few) hold long term upside from a usage, and a business model innovation standpoint. While the near-term focus is on distribution (largely in search), the potential for monetization (new revenue models) & optimization (increased yield) represent L-T drivers of revenue & profit growth."

For more ratings news on Yandex click here and for the rating history of Yandex click here.

Shares of Yandex closed at $35.51 yesterday.

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