The experts of JP Morgan, the world-famous financial giant, are reported to have improved their expectations for the financial prospects of Yandex, a Russian internet company. The improvement became possible due to a positive financial report for Q3 2013.
At this point, Yandex’s stock costs over 40 dollars per share. On Thursday, the Russian internet giant reported on its financial performance in the previous quarter, which turned out much better than expected. In particular, the net profit (US GAAP) more than doubled (x2.17) to hit RUR4,967bn during the reporting period.
The experts from JP Morgan raised the upward target up to 50 dollars per share since Yandex started cooperating with Mail.ru.
At this point, Yandex’s stock is reported to be trading around 41 dollars per share. The stock has already appreciated by nearly 90% since early 2013. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of YNDX:
