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Fly News Breaks for May 29, 2019
YNDX
May 29, 2019 | 08:38 EDT
According to Kommersant, Russian lawmakers are discussing new amendments for the second reading of the Russian Taxi Law, including regulation around taxi tariffs, commissions charged by aggregators, and licensing limitations for foreign taxi aggregators, HSBC analyst Masha Kahn tells investors in a research note. While negative taxi regulation headlines have weighed on shares of Yandex, the final law will look very different, contends the analyst. Kahn believes the final law will incorporate feedback from industry players and some of the global best practices. The keeps a Buy rating on Yandex with a $44 price target, which represents 23% upside. Kahn thinks Yandex's stake in Yandex Taxi is worth $13 per share, well below what the current share price implies, estimated by the analyst at $4 per share, or a 69% discount. The analyst tells investors to look past the short-term regulatory "noise" as the stock's risk/reward is attractive.
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