Jefferies Downgrades Central European Distribution (CEDC) to Underperform

Jefferies downgraded Central European Distribution (NASDAQ: CEDC) from Buy to Underperform with a price target of $5.20 (down from $12).

The firm comments, "We move to underperform on CEDC owing to the combined impact of: 1/ a substantial deterioration in the macro context since mgmt's lowered guidance early August; 2/ increased cost of raw spirits; 3/ low visibility on the number of Russian wholesalers re-licensed and number of new distributors signed during Q3; 4/ the high risk and finance costs posed by the company's leverage."

For more ratings news on Central European Distribution click here and for the rating history of Central European Distribution click here.

Shares of Central European Distribution closed at $6.42 yesterday.

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