Yandex Climbs to Five-Week High on Bank of America’s Buy Rating
Yandex NV (YNDX), Russia’s most-used Internet search engine, jumped to the highest level in five weeks in New York after Bank of America Corp. recommended investors buy the stock.
The Hague, Netherlands-based company that is listed on the Nasdaq Stock Exchange, climbed 3.4 percent to $19.91 by 12:07 p.m. in New York, heading to the highest level since May 31.
Bank of America revised its earlier neutral recommendation on Yandex stock, according to an e-mailed report today.
“We expect strong second-quarter 2012 numbers from Yandex at the end of July -- giving investors some comfort on margins and top-line growth,” Mariya Kahn, an analyst at Bank of America in Singapore, wrote in the report.
To contact the editor responsible for this story: Tal Barak Harif at email@example.com