UBS Upgrades Yandex (YNDX) to Buy 'on the progress in self-driving'
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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."
Shares of Yandex closed at $80.20 yesterday.
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