UPDATE: Deutsche Bank Upgrades CTC Media to Buy on Valuation and Dividend Yields

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Deutsche Bank increased its rating on CTC Media (NASDAQ: CTCM) from Hold to Buy on valuation but reduced its price target from $12 to $9.50 on more conservative estimates. Deutsche Bank commented, "We have updated our CTC Media model, incorporating our more conservative estimates for CTC Media's audience share as a result of weak ratings for the flagship channel in 2Q12 as well as the latest FX and macro forecasts. We reduce our earnings estimates by 11-24% in 2012-14F and cut our target price by 21% to USD9.5. However, we upgrade the stock to Buy due to attractive upside to our target price, dividend yield and discount to peers." CTC Media closed at $5.67 on Thursday.

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