Goldman Sachs Group Inc. (GS) raised its 12-month target price on Yandex NV to $32.4 from $29.6 and reiterated its recommendation investors buy the company’s shares in an e-mailed report dated today.

The price target was raised because of “the strong start to the year for the Internet advertising market,” according to the report.

To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net

To contact the editor responsible for this story: Marie-France Han at mhan30@bloomberg.net