NEW YORK (TheStreet) -- Pacific Crest Securities lowered its price target on Yandex (YNDX) - Get Yandex N.V. Reportto $17 from $19 on Wednesday, while maintaining its "overweight" rating on the stock.
The Moscow-based Internet and technology company reported stronger-than-expected third quarter financial results, Pacific Crest said.
Yandex reported 2015 third quarter earnings of 16 cents per share on revenue of $233.1 million. Pacific Crest analysts projected Yandex's third quarter earnings to be 16 cents per share on revenue of $258.9 million.
The macroeconomic impact was challenging in the third quarter for Yandex, but the revenue in ruble terms increased 18.2% year-over-year, Pacific Crest said. Yandex's price target was lowered due to currency changes, the firm added.
"As the leading Russian-language search engine and Russia's largest Internet company, Yandex, N.V. is well-positioned, in our view, to benefit from strong long-term secular growth trends such as increasing Internet advertising in Russia," Pacific Crest noted.
Shares of Yandex closed up 4.80% to $15.71 on Wednesday.