Jefferies Comments on Yandex (YNDX); Says Market Share, Political Concerns Overdone
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Price: $18.94 --0%
Rating Summary:
19 Buy, 2 Hold, 0 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Jefferies issued comments on Yandex (Nasdaq: YNDX) Wednesday morning following recent Liveinternet.ru metrics, keeping a Buy rating and $40 price target on the stock. Shares have dropped about 21 percent in
The firm said Liveinternet.ru doesn't measure market share, only site hits, and collects data from less than 50 percent of Russian Internet sites. Basically, Jefferies thinks there is no correlation with Yandex's revenue line.
On Yandex's mobile presence: "someone looking at the Android tab, in the aforementioned 'slightly flaky' Liveinternet.ru data will conclude Google (Nasdaq: GOOG) dominates, with 64.2 percent share; this is absolutely not the same as 'mobile market share.'"
Jefferies noted that mobile remains just 3 percent of Internet traffic in Russia, with Opera capturing about 70 percent of that. Yandex is Oper's mobile partner.
On political risk, Jefferies thinks concerns are overdone. Though demonstations will last throug the March 2012 election, the firm believes Putin's election is all but a sure thing.
Finally, Jefferies sees post-IPO Yandex as an undervalued Buy, even with upcoming lock-up expirations bringing larger blocks of stock to market.
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 $17.84 yesterday.
The firm said Liveinternet.ru doesn't measure market share, only site hits, and collects data from less than 50 percent of Russian Internet sites. Basically, Jefferies thinks there is no correlation with Yandex's revenue line.
On Yandex's mobile presence: "someone looking at the Android tab, in the aforementioned 'slightly flaky' Liveinternet.ru data will conclude Google (Nasdaq: GOOG) dominates, with 64.2 percent share; this is absolutely not the same as 'mobile market share.'"
Jefferies noted that mobile remains just 3 percent of Internet traffic in Russia, with Opera capturing about 70 percent of that. Yandex is Oper's mobile partner.
On political risk, Jefferies thinks concerns are overdone. Though demonstations will last throug the March 2012 election, the firm believes Putin's election is all but a sure thing.
Finally, Jefferies sees post-IPO Yandex as an undervalued Buy, even with upcoming lock-up expirations bringing larger blocks of stock to market.
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 $17.84 yesterday.
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