UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Yandex

In a report published Friday, the Goldman Sachs Group reiterated its Buy rating on Yandex N.V.

, and slightly raised its price target from $30.80 to $30.90. Goldman Sachs noted, “We have updated our estimates and price target ahead of 2Q2012 results publication incorporating minor housekeeping changes. We do not view these changes as material, and there is no change to our investment thesis or rating...Our 12-month price target increases slightly to US$30.9 (from US$30.8), based on a 26.5x 2013E P/E (using 1.0x PEG, in line with the average for global internet stocks). The stock currently trades on 15.7x 2013E P/E (FX adj.), a discount to global peers on a growth-adjusted basis, supporting our positive view.” Yandex N.V. closed on Thursday at $19.45.