UPDATE: Credit Suisse Upgrades Central European Distribution to Neutral on Limited Downside

Credit Suisse upgrades Central European Distribution CEDC and reiterates its $3 price target on shares. Credit Suisse says, "We upgrade our rating from Underperform to Neutral as the share price has corrected below our current TP of US$3, to which we see limited downside. Corporate action news is key: While underlying company fundamentals and prospects for turnaround remain unclear, the stock will likely continue to trade on corporate news in the near term. We expect finalization of a deal with Mr. Tariko, hence we are not concerned about solvency risks on notes due in 2013. CEDC closed at $2.80 on Monday.