UPDATE: Deutsche Bank Downgrades CTC Media to Hold

Deutsche Bank lowers its rating on CTC Media CTMC to Hold from Buy on limited upside potential. The $12 price target is reiterated. Deutsche Bank says, "The ratings for CTC Media's Russian channels are improving with the successful launch of new shows and we raise our average rating estimate for 2012-14 and revenue estimates for 2013-14. Overall, we expect 7.6% revenue growth in 2012F and a revenue CAGR of 12% in 2011-14F. But we downgrade the EBITDA margin to 30%, in line with guidance. We reiterate our USD12 target price, but the recent stock price gains leave limited upside potential, while the reduced dividend suggests total returns are insufficient to maintain a Buy." CTMC closed at $11.11 yesterday.