Deutsche Bank Reiterates a 'Buy' on Yandex (YNDX); Rebound in Search Continues

Deutsche Bank reiterates a 'Buy' on Yandex (NASDAQ: YNDX) price target of $38.00.

Analyst, Lloyd Walmsley, said, "We see meaningful upside to Yandex shares as investor concerns over Google (Nasdaq: GOOG) query share gains in Russia recede on the back of improving search data. We have now seen Yandex gain query share for three weeks in a row, the longest stretch of share gains since October 2011. We believe Google marketing in Russia may recede as it contains costs in 2012, allowing Yandex's recent share gains to continue."

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 $26.87 yesterday.

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