UPDATE: Deutsche Bank Upgrades Central European Distribution Corp to Buy; Prices Too Depressed

Deutsche Bank upgrades its rating on Central European Distribution Corp

from Sell to Buy and increases its price target from $3 to $4. Deutsche Bank notes, "We believe most of the bad news on CEDC has already hit the market and been priced in after the decline of almost 40% over the past month and 95% in the past three years. At the same time, the deal with Russian Standard (financing and operational support), coupled with the strengthening of the Russian management team, should bear fruit going forward. Finding CEDC's price already depressed, we are upgrading the name from Sell to Buy, with our target price increased from USD3.0 to USD4.0/share." CEDC closed at $2.90 on Tuesday.