UPDATE: Deutsche Bank Downgrades Central European Distribution to Sell, Lowers Target to $3

Deutsche Bank lowers its rating on Central European Distribution

to Sell from Hold and lowers its target price from $3.10 to $3 on worsening fundamentals that offset the doubling of shares following takeover attempts. Deutsche Bank says, "PLN depreciated 10% to USD in the last three months, and Russia continues drastic excise tax hikes (+70% in 2012-13). We expect CEDC to miss EPS guidance; we find limited room for results improvement, a stretched balance sheet and an easy solution to the current liquidity situation unlikely. We recommend Selling into current strength." CEDC closed at $4.20 per share on Friday.