Market Overview

UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Yandex NV on Weak New Guidance

Related YNDX
Fast Money Picks For August 12
Yandex Shares Dip On Raiffeisen Downgrade
Traders Buying Up Social Media Stocks (Fox Business)

In a report published Wednesday, J.P. Morgan reiterated its Overweight rating on Yandex NV (NASDAQ: YNDX), but lowered its price target from $42.00 to $40.00.

J.P. Morgan noted, “The new guidance looks mildly disappointing and considering the sale of Yandex.Money we are cutting our '13E-15E EPS by 8-11% and Dec-13 PT to $40/ADR (from $42 previously). Yet, the fundamental story continues to look sound on growth, corporate governance, execution and FCF generation. Technicals look mixed: the overhang risk remains but we also see a high chance for extra returns from the accumulated $1 bn cash pile.”

Yandex NV closed on Tuesday at $23.01.

Posted-In: J.P. MorganAnalyst Color Price Target Analyst Ratings


Related Articles (YNDX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters