Deutsche Bank Boosts Target on Yandex (YNDX) to $42 Following Q2 Earnings Sell-Off; Reiterates Buy

An analyst at Deutsche Bank boosted the firm's price target on shares of Yandex (Nasdaq: YNDX) from $40 to $42 Thursday afternoon. Deutsche Bank reiterated a Buy rating on the stock.

The company reported Q2 results this morning before the market opened. Traders are selling Yandex shares this afternoon, currently down 3.7 percent to $37.08.

Deutsche Bank argues Yandex investors are "overreacting to expense growth in 2011..." The firm believes this morning's results "clearly reinforce our thesis surrounding secular growth in online advertising in Russia, where Yandex is demonstrating share gains."

Deutsche Bank cut its FY11 EPS estimate by 12 percent to RUR17.89 and its FY12 estimate by 6 percent to RUR23.68.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Yandex.

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