Goldman Sachs Starts Yandex (YNDX) at Neutral

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July 5, 2011 8:54 AM EDT
Get Alerts YNDX Hot Sheet
Price: $18.94 --0%

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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Goldman Sachs initiates coverage on Yandex (NASDAQ: YNDX) with a Neutral rating and $36.10 price target.

The firm sees Internet penetration in Russia growing by 71% from 2010-2015. Internet advertising is expected to expand at a 35% CAGR over the same period. Due to its first over advance, Yandex is well positioned to capture the internet growth and Goldman sees 2010-15 CAGR of 33%. However, with shares trading at 39.5x 2012 P/E, a premium to Chinese Internet stocks, upside is limited.

For more ratings news on Yandex click here and for the rating history of Yandex click here.

Shares of Yandex closed at $35.51 yesterday.

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