Deutsche Bank Downgrades Central European Distribution (CEDC) to Hold; Major Risk of Capital Increase
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Price: $0.09 --0%
Rating Summary:
3 Buy, 3 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
3 Buy, 3 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade CEDC Now!
Deutsche Bank downgraded Central European Distribution (NASDAQ: CEDC) to Hold, price target chopped from $15 to $3.10.
Deutsche analyst says, "While CEDC’s Polish operations seem to have turned the corner, we find the company’s Russian business facing continued headwinds. As a result, CEDC came 50% short of our 3Q EPS forecast, slashed FY2011 EPS guidance by 61% and took USD675m in goodwill and trademarks impairment. In light of net debt/EBITDA of 10x and nearing maturity of USD310m convertibles, we would not exclude the major dilution of current equity investors."
For an analyst ratings summary and ratings history on Central European Distribution click here. For more ratings news on Central European Distribution click here.
Shares of Central European Distribution closed at $3.41 yesterday, with a 52 week range of $3.15-$28.08.
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Deutsche analyst says, "While CEDC’s Polish operations seem to have turned the corner, we find the company’s Russian business facing continued headwinds. As a result, CEDC came 50% short of our 3Q EPS forecast, slashed FY2011 EPS guidance by 61% and took USD675m in goodwill and trademarks impairment. In light of net debt/EBITDA of 10x and nearing maturity of USD310m convertibles, we would not exclude the major dilution of current equity investors."
For an analyst ratings summary and ratings history on Central European Distribution click here. For more ratings news on Central European Distribution click here.
Shares of Central European Distribution closed at $3.41 yesterday, with a 52 week range of $3.15-$28.08.
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