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Since my previous positive mention of Yandex N.V. (YNDX) on July 9 in a piece entitled 3 Reasons To Consider Going Long Yandex, shares are up by more than 28%.

YNDX ChartYNDX data by YCharts

New Options Activity

One of the reasons why I was bullish on YNDX was the bullish options activity. The options strategy has paid off as YNDX has moved nicely higher since the trade was put on. However, as reported by Option Monster in mid September, the trade was altered to benefit from more potential upside in YNDX. The previous bullish call spread was sold and the trader purchased the $25 calls. This move indicates that the institutional investor who was initially bullish on the stock expects gains to continue.

Search Share Declines

It was recently reported that YNDX has lost market share in the Russian search market to Google (GOOG). While this is not particularly good news, it should be noted that YNDX's market share fell just barely from 60.5% to 60.4%. However, if YNDX continues to lose market share, this could quickly become a real issue.

Analyst Upgrades

YNDX has received a few upgrades recently. On September 21, JP Morgan analyst Alex Kantarovich suggested investors go long YNDX and short another Russian internet company, Mail.Ru Group. The note suggested that "core shareholder selling in YNDX may be coming to an end." In addition to the bullish note for JP Morgan, Deutsche Bank and other Wall Street firms have recently reaffirmed their bullish outlook on YNDX.

Yandex Has Caught Up

In my previous piece, one of the reasons why I was bullish on YNDX was the fact that it had lagged behind nearly all comparable stocks. Since that time, as shown by the chart below, YNDX has outpaced comparable issues such as Facebook (FB), LinkedIn (LNKD), Market Vectors Russia ETF (RSX), Baidu (BIDU), and kept pace with Google, which has been one of the hottest stocks of late. It is fair to say that YNDX has played catch up with its peers.

YNDX ChartYNDX data by YCharts

Three Reasons Why I Remain Bullish

1. The options activity continues to indicate more upside ahead for YNDX.

2. I believe the move higher in Google bodes well for YNDX because YNDX is often dubbed "the Google of Russia."

3. Noted investor Jim Rogers has recently changed his tune on Russia. Rogers had, for the longest time, been very bearish about the outlook for the Russian economy. However, recently he has changed outlook for the country. As someone who has followed Jim Rogers for a long time, simply put, when he speaks investors should listen. If Rogers is correct about Russia as a whole, YNDX should be poised to benefit.

Source: Updating My Outlook For Yandex