UPDATE: Deutsche Bank Raises PT to CTC Media on Increased Audiences
Deutsche Bank maintained CTC Media (NASDAQ: CTCM) with a Hold rating and raised the price target from $9.30 to $10.10.
Deutsche Bank commented, "We raise our target price for CTC Media by 9% to USD10.1 but maintain a Hold rating given limited upside potential. The increase is mostly due to the expansion of the multiple of the peer group companies. We have made some revisions to our estimates to incorporate recent Russian TV ad market data and CTC Media's channel audience shares, as well as reducing our opex estimates as only two of CTC Media's three channels were awarded multiplex licenses. We expect decent 4Q12 results and will be looking for 2013 guidance and newsflow on transmission costs related to multiplex licenses."
CTC Media closed at $9.92 on Friday.
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