Russian GDRs Close Valuation Gap After Rally: Chart

An index of Russian stocks listed in London is trading above analysts’ forecasts for where the gauge should be twelve months from now for the first time since 2009. The depository receipts have been trading in line or at a premium to the average of target stock price estimates since early March as the benchmark rallied as much as 56 percent from its January low. Analysts see the index of Russian GDRs losing about 1 percent in the next twelve months on May 17, which is close to the most pessimistic outlook since 2009.

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