RUSSIAN INTERNET: Growth Despite Headwinds

12/02/2014
Initiate with a BUY rating . Current Yandex and Mail stock valuations seem to price in the majority of risks, trading at 13-42% discounts to foreign peers on 2014-16E EV/EBITDA. Based on what we believe are conservative assumptions our 12M target prices for Yandex of $33 per share and for Mail of $29 per share imply 33% and 25% potential upsides, respectively, from current price levels. We initiate coverage of Yandex and Mail with a BUY rating on both stocks.

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