MOSCOW, Nov 3 (PRIME) -- Russian investment company VTB Capital has downgraded its American Depositary Receipts (ADRs) of Internet company Yandex to Hold from Buy with the target price of U.S. $37 maintained, according to VTB Capital’s research note seen by PRIME on Friday.
“Yandex has performed strongly of late, rising 19% since its early August trough compared with the 9% increase in the RTS. We continue to view Yandex as a fundamentally attractive long-term story, but major near-term positives have been priced in at the moment, in our view,” VTB Capital said.
Yandex’s ADRs closed at $33.44 on the Nasdaq floor on Thursday.
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