Citigroup Reiterates Overweight, $36 Target on Yandex

Citigroup maintains its Overweight rating and $36 target price on Yandex NV

as market share picture remains stable. Citi comments, “Beginning last quarter, Yandex began to see some declines in search share due to changes made by Google's Chrome browser. Yandex's search share in Russia declined from 63.9% in July to 61.3% in September (Liveinternet.ru). As we noted at the time of Yandex's Q3 report, share has stabilized and we believe share has remained stable into December. …We view the stabilization as a positive, but note that the company did mention further fluctuation may occur due to continued competition from Google.” UNDX closed at $20.50 per share on Thursday.