Goldman Sachs Downgrades CTC Media (CTCM) to Neutral

Goldman Sachs downgraded CTC Media (NASDAQ: CTCM) from Buy to Neutral with a price target of $12.30 (down from $13.60).

The firm said shares and business performance will remain under pressure on: (1) weak TV market fundamentals in 2012 as advertising revenue growth slows as advertisers do not feel a rebound in a consumption; (2) the base effect of higher audience share in 1H11; and (3) the change in the shareholder structure introduced the risk of CTC Media becoming a consolidation hub for new shareholder media/broadcasting assets.

For an analyst ratings summary and ratings history on CTC Media click here. For more ratings news on CTC Media click here.

Shares of CTC Media closed at $9.25 yesterday, with a 52 week range of $8.04-$25.00.

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