Market News

Russian Tech Firm Yandex Halts US Operations

Russia-based technology company Yandex NV (NASDAQ: YNDX) has halted its U.S. operations as the Russia-Ukraine war continues, a report published by Automotive News said.

The company has stopped testing its robotaxi fleet in the Ann Arbor city of Michigan.

A Yandex spokesperson said, “Our AV test fleet in Ann Arbor is grounded at the moment, but we hope to resume operations in the future.”

The company has also paused the use of its six-wheeled sidewalk Rover bots in delivering restaurant food at college campuses across the U.S. This decision follows Chicago-based food delivery platform Grubhub’s statement that it plans to end its partnership with Yandex.

Grubhub and Yandex were working together on the campuses of the University of Arizona and the Ohio State University.

“We’re working with our campus partners on alternate service options as we shift away from Yandex over time,” a Grubhub spokesperson said.

Yandex plans to transfer the Rover bots to locations outside the U.S.

About Yandex

Based out of Moscow, Yandex provides 70 Internet-related products and services, including transportation, search and information services, e-commerce, navigation, mobile applications, and online advertising.

Analysts’ Take

After the company released its fourth-quarter results last month, Citigroup (NYSE: C) analyst Catherine O’Neill maintained a Buy rating on the stock but lowered the price target to $70 from $75 (269.6% upside potential).

Additionally, Luke Holbrook of Morgan Stanley (NYSE: MS) reiterated a Buy rating on Yandex with a $79 price target (317.1% upside potential).

Overall, the stock has a Strong Buy consensus rating based on three unanimous Buys. The average YNDX price target of $75.33 implies 297.7% upside potential. Shares have lost 73.6% over the past six months.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Yandex’s performance.

According to the tool, compared to the previous year, Yandex’s website traffic registered a nearly 12% rise in global visits year-to-date.

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