Citigroup Buy Swells Yandex Jump to 78%: Russia Overnight - Bloomberg

Citigroup Buy Swells Yandex Jump to 78%: Russia Overnight - Bloomberg:

"Yandex NV (YNDX), Russia’s biggest Internet company, rallied to a two-year high in New York after Citigroup Inc. initiated coverage of the stock with a buy.
The shares climbed 1.7 percent to $38.38 yesterday, the highest close since July 2011. The gains sent valuations to 34 times estimated earnings, a 68 percent premium over the multiple for Google Inc. (GOOG) The Bloomberg Russia-US Equity Index was little changed at 99.02 yesterday, while RTS stock-index futures increased 0.3 percent to 142,980.
Yandex’s share of Internet searches in Russia increased to 62.2 percent in September from 60.5 percent a year ago, while Google’s portion shrank to 26 percent from 26.7 percent, data by LiveInternet show. Yandex has increased its annual sales forecast twice this year as it benefits from rising demand in Russia for Internet advertising, which is set to jump 26 percent a year through 2015, according to ZenithOptimedia. Citigroup said it expects shares to rally 20 percent in 12 months."

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