Deutsche Bank increased its rating on CTC Media CTCM from Hold to Buy on valuation but reduced its price target from $12 to $9.50 on more conservative estimates.
Deutsche Bank commented, "We have updated our CTC Media model, incorporating our more conservative estimates for CTC Media's audience share as a result of weak ratings for the flagship channel in 2Q12 as well as the latest FX and macro forecasts. We reduce our earnings estimates by 11-24% in 2012-14F and cut our target price by 21% to USD9.5. However, we upgrade the stock to Buy due to attractive upside to our target price, dividend yield and discount to peers."
CTC Media closed at $5.67 on Thursday.
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