The firm said in a research note Thursday that it believes the Russian antitrust investigation into Google would benefit Yandex.
"We see the Russian antitrust investigation into Google (GOOGL) and an overall increasing government eye on the Internet space providing a potential catalyst to Yandex shares, which have been predominantly at the mercy of FX and macroeconomic forces of late. While the macro outlook for Russian GDP growth remains challenged, FX has stabilized, providing a key element necessary for the shares to bottom," the firm wrote.
"Document requests related to antitrust are due later this week, and the first hearings begin April 13, which could provide some positive headlines for Yandex. We still see some near-term risk to our estimates (especially on margins), though we suspect the bulk of downward revisions are likely behind us," Deutsche continued.
Deutsche reiterated its "buy" rating and $21 price target.
More than 5.1 million shares had changed hands as of 1:31 p.m., compared to the daily average volume of 3,227,310.