Gazprom Top Pick to Bernstein for 2014: Russia Overnight
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OAO Gazprom’s biggest drop in six months is a buying opportunity after the world’s biggest producer of natural gas increased exports to Europe to a record last year, Sanford C. Bernstein & Co. said.
American depositary receipts of Gazprom fell 4.2 percent to $8.29, the deepest decline since June 19. The retreat sent valuations to 3.2 times estimated earnings, a third of the average multiple for its peers. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in New York dropped 1.7 percent to a 100.65, the worst decline in six months.