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Yandex Climbs to Five-Week High on Bank of America’s Buy Rating

July 5 (Bloomberg) -- Yandex NV, 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 reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net

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