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Yandex +2.2% as Citi boosts to Buy

Mar. 29, 2018 9:24 AM ETYandex N.V. (YNDX) StockYNDXBy: Jason Aycock, SA News Editor
  • Search engine Yandex (NASDAQ:YNDX) is up 2.2% premarket as Citi upgrades it to Buy from Neutral, as a switch in valuation methods suggests a higher price point.
  • Switching from pure multiples to a look at the sum of the parts, the firm values Yandex.Taxi at 1 time fiscal 2019 gross bookings, and the rest of the business at 15 times fiscal 2019 EBITDA. (h/t Bloomberg)
  • Russia's ad market kept getting better last year and Yandex kept building market share in it, on desktop and mobile, analyst Brady Martin notes.

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