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

In a report published Wednesday, J.P. Morgan reiterated its Overweight rating on Yandex NV

, 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. All things considered, we retain our OW rating.” Yandex NV closed on Tuesday at $23.01.