UPDATE: Jefferies Downgrades Central European Distribution to Underperform

Jefferies is out with its report today on Central European Distribution

, downgrading CEDC from Buy to Underperform. In its report, Jefferies writes, "We move to underperform on CEDC owing to the combined impact of: 1/ a substantial deterioration in the macro context since mgmt's lowered guidance early August; 2/ increased cost of raw spirits; 3/ low visibility on the number of Russian wholesalers re-licensed and number of new distributors signed during Q3; 4/ the high risk and finance costs posed by the company's leverage." Jefferies lowers PT on CEDC from $12 to $5.20. At the time of posting, shares of CEDC were trading pre-market at $6.35, down 1.09% from Tuesday's close.