Morgan Joseph Upgrades Central European Media Enterprises (CETV) to Buy; Time to Jump Back on this Roller Coaster

Morgan Joseph upgraded Central European Media Enterprises (NASDAQ: CETV) from Hold to Buy. PT $25.

Morgan analyst says, "We believe that most of CME's markets will show signs of modest recovery, with the exception of Romania. Total advertising spend per capita in CME's markets remains at only 11% of developed market levels despite the fact that the ratio of per capita GDP in CME's markets, when compared to Western markets, is roughly 41%. Advertising had held up well in CME's countries as the world headed into a recession in 2008. However, it has lagged significantly behind developed markets as the world shakes off the downturn. We expect advertising growth in Central Eastern Europe to outpace most developed markets over the next few years. As such, CME should capitalize on the trend as the dominant broadcaster in most of its markets."

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

Shares of Central European Media Enterprises closed at $20.28 yesterday.

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