Deutsche Bank Downgrades CTC Media (CTCM) to Hold
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Deutsche Bank downgrades CTC Media Inc (Nasdaq: CTCM) from Buy to Hold.
Deutsche analyst says, "Following CTC Media's very strong 1Q09 results, we upgrade our estimates and our 12-month weighted DCF/target multiples valuation (by 11.6% to USD9.6/share). Our upwards estimates revision is driven by the stronger-than-expected blended power ratio across the company's networks as well as better content and SG&A cost management. Contrary to the market, we are still cautious on the 2Q-3Q09 outlook, as there is still limited visibility on a sell-out of the company's GRP inventory for the remainder of FY09. We are also skeptical of the company being able to maintain margins similar to those of 1Q09 given the higher amortization costs of new programming beginning in 2Q09."
To see more analyst ratings on CTCM Click Here.
CTC Media, Inc. operates three Russian television networks.
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