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Dec. 12 (Bloomberg) -- Yandex NV, operator of Russia’s most popular Internet search engine, fell to a two-month low in U.S. trading after the company’s market share declined.
Yandex dropped 5.6 percent to close at $18.83 in New York, the lowest closing price since Oct. 4.
Liveintenet.ru, an Internet-service provider and researcher, reported today that Yandex’s share of the Russian search market declined to 60.7 percent in the week through Dec. 11, from 60.9 percent the previous week, Zoltan Palfi, a London- based analyst at Credit Suisse, said by e-mail.
“We remain skeptical that Yandex’s market share will turn around,” Palfi, who rates the stock “underperform,” said via e-mail. “The bulk of the growth in search queries will come from mobile devices -- smart phones and tablets -- where Google is the dominant search provider with over a 60 percent market share.”
David Ferguson and Anastasia Demidova, Moscow-based analysts for Renaissance Capital, reiterated their “sell” recommendation on the stock today after Liveinternet.ru released the data. Ferguson and Demidova said in an e-mailed report that they prefer Mail.ru stock over Yandex.
--Editors: Brendan Walsh, Richard Richtmyer
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