UPDATE: Goldman Sachs Lowers PT on CTC Media to $32.80 (CTCM)

Goldman Sachs is out with its report today on CTC Media (NASDAQ: CTCM), lowering its PT from $33.10 to $32.80.

In a note to clients, Goldman Sachs writes, "Our new 12-month target price of US$32.8 implies 61% upside from the current market price. CTC trades at 10.3x 2011E EV/EBITDA and 6.8x 2012E, a discount to the peer group average."

Goldman Sachs reiterates Buy on CTCM.

Shares of CTCM closed Thursday at $19.56, down 3.88% Wednesday's close.