- Goldman has downgraded Russian search king Yandex (YNDX -1.2%), as well as Russian mobile carriers MTS (MBT +0.2%) and MegaFon, to Neutral.
- The firm is worried about a rising cost of capital for Russian firms amid rising local interest rates and evidence of higher borrowing costs. In Yandex's case, Goldman argues the company's high P/E - shares go for 21x 2015E EPS - makes it especially vulnerable to a cost of equity increase.
- At the same time, Goldman thinks Yandex will continue to benefit from improving monetization and Russian online ad growth, and believes its contextual ads will be relatively immune to macro headwinds.
- Previous: Deutsche worried about Sberbank's Yandex stake
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