UPDATE: Nomura Securities Upgrades Central European Distribution (CEDC) to Neutral; Strategic Alliance with Russian Standard

(Updated - May 24, 2012 9:12 AM EDT)

Nomura Securities upgraded Central European Distribution (NASDAQ: CEDC) from Reduce to Neutral. PT raised to $4.

Analyst, Edward Mundy, said, "Prior to the announcement of a strategic alliance with Russian Standard, we saw limited chance of refinancing to enable the restructure of USD 310m debt due in 2013 and thus we attributed zero value to the CEDC equity. However, following this deal, the focus should move from refinancing to the turnaround of the core Russian operation (66% of group profits), which remains challenged. Ongoing discussions with Russian Standard about a further transaction to combine both CEDC’s and Russian Standard’s Russian operations will likely lead to further value creation, although the timing of this is uncertain."

For an analyst ratings summary and ratings history on Central European Distribution click here. For more ratings news on Central European Distribution click here.

Shares of Central European Distribution closed at $4.19 yesterday.

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