- 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.