"Открытие Капитал": Yandex – gateway to the Russian Internet // ПОКУПАТЬ
17 апреля 2012 года
We initiate coverage of Yandex with a BUY rating and a 12-month target price of $34/share. With a clear business model that focuses on text-based online advertising, Yandex provides direct exposure to Russia’s booming Internet advertising market. However, we note the risk of increasing competition for users’ attention, which could lead to the pressure on the company’s profitability in the future.
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