Goldman Sachs Reduces Central European Distribution Corporation To Neutral and $13.70 PT (CEDC)

Goldman Sachs reduced its rating on Central European Distribution Corporation CEDC from Buy to Neutral and price target from $32.60 to $13.70. In the report, Goldman Sachs states, "We are cutting our estimates and price target following weak 2010 financial and operating results. As a result, we also downgrade CEDC to Neutral from Buy. CEDC shares have underperformed the MSCI EMEA by 48% since it reported full-year financials in March 2011. We reduce our 2011-13 EBITDA and EPS forecasts by 17% and 38% on average, respectively. Our new 12-month price target is US$13.70 (from US$32.60), which implies 17% upside potential." In today's trading, CEDC lost 3.04% to stand at $11.18.