UBS Upgrades Yandex (YNDX) to Buy 'on the progress in self-driving'

September 27, 2021 6:48 AM EDT
Get Alerts YNDX Hot Sheet
Price: $77.10 +0.40%

Rating Summary:
    18 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 19 | New: 48
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UBS analyst Ulyana Lenvalskaya upgraded Yandex (NASDAQ: YNDX) from Neutral to Buy with a price target of $111.00 (from $77.50).

The analyst comments "Yandex share price grew 24% in LTM trading near its all-time highs. We believe that the key positives which drove this outperformance were related by stronger-than-anticipated rebound in the ad spend supporting search business, above-expectations margins in ride-hailing, meaningful progress in e-commerce and FoodTech, strategic moves in fintech and SDG (self-driving group). We note a significant strengthening of Yandex ecosystem, while the anticipated launch of a commercial use of self-driving taxi could be one of the catalysts. We believe that in case of successful roll-out, the value of the robotaxi business might be bigger than the $5bn we use in our valuation now. We conclude that Yandex is one of the few global plays on the self-driving theme and upgrade the stock to Buy from Neutral."

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 $80.20 yesterday.

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