Deutsche Bank Maintains Buy, $12 Target on CTC Media

Deutsche Bank reiterates its Buy rating and $12 price target on CTC Media (NASDAQ: CTCM) to reflect takeaways following meetings with senior company management.

Deutsche Bank says, "In our CTC Media model, we estimate that the Russian TV market growth at 8% in 2012. We believe that improving visibility on 2012 (with key advertisers committing to one year contracts) should be supportive for the stock. With 30% of 2012 volumes still to be sold, there is some scope for positive surprise in case the economic outlook in 2H12 improves. At the same time, we see downside risks to our forecasts, should sentiment deteriorate in 2H12. Thus, we keep our estimates unchanged at this point."

CTCM closed at $8.91 per share on Wednesday.