BofA/Merrill Lynch Downgrades CTC Media (CTCM) to Underperform

BofA/Merrill Lynch downgraded CTC Media (NASDAQ: CTCM) from Neutral to Underperform with a price target of $6.00 (from $11.00).

Analyst Victor Dima cited: (1) lower our TV ad market growth forecast to 2-3% in 2014-15E (from 5%) on the weak macro; (2) incorporate the weaker RUB (39 in 2014, in line with spot, and 40 from 2015E); and (3) lower our 2014-15E margin assumptions on softer operating leverage.

The firm's is now 2014-15 estimate are now 10-20% below teh Stret.

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 $6.36 yesterday.

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