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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.

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Shares of Yandex closed up 4.80% to $15.71 on Wednesday.

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