Jefferies Reiterates Buy Rating, $35 PT on Yandex

In a report published Wednesday, Jefferies & Company reiterated its Buy rating and $35.00 price target on Yandex

. Jefferies noted, “Lots of debate in the market following Opera Software's Q2 2012 numbers today and news that Opera has extended its browser agreement with Google

for a further two years. The press release reads, 'Opera and Google have entered into a new agreement to integrate Google as the default search partner for the Opera mobile and desktop browsers. The agreement also includes promotion of various Google products and services. This agreement replaces the agreements entered into on 20.11.2009 and is effective through 01.08.2014. This agreement covers all global territories and includes all of Opera's standard mobile and desktop Web browsers.'” Yandex closed on Tuesday at $21.10.