Deutsche Bank Downgrades CTC Media (CTCM) to Hold; Valuation Call

Deutsche Bank downgraded CTC Media (NASDAQ: CTCM) from Buy to Hold with a price target of $12.00.

Deutsche analyst said, "The ratings for CTC Media's Russian channels are improving with the successful launch of new shows and we raise our average rating estimate for 2012-14 and revenue estimates for 2013-14. Overall, we expect 7.6% revenue growth in 2012F and a revenue CAGR of 12% in 2011-14F. But we downgrade the EBITDA margin to 30%, in line with guidance. We reiterate our USD12 target price, but the recent stock price gains leave limited upside potential, while the reduced dividend suggests total returns are insufficient to maintain a Buy."

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 $11.11 yesterday.

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