Yandex Shares Dip on Raiffeisen Downgrade

Earlier today Raiffeisen analyst, Sergey Libin downgraded shares of Yandex NV YNDX to Hold while slightly raising the price target from $31 to $31.40. Libin predicts that Yandex's second quarter results will "disappoint" with only one percent year-over-year growth in net income. Moreover, he does not expect there to be an upward revision to guidance. Following the release of this note, shares of Yandex have slipped ~2 percent.