UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT for Yandex

In a report issued earlier today, Deutsche Bank AG reiterated its Buy rating for Yandex (NASDAQ: YNDX), but lowered its price target from $38.00 to $34.00.

Deutsche Bank went on to say about Yandex “We see the company at the early stages of strong multi-year growth driven by increasing Russian Internet penetration (currently only 49%) and usage, advertising share shifts online and a growing ecosystem of Russian Internet companies fostering increased online activity and advertising. The company's strong market position has been highlighted by recent search share gains in Russia, where the company has been able to take more market share of search than Google even within the Chrome browser, despite Google's push in Russia”

Yandex closed yesterday at $23.37.