UPDATE: Gazprombank Lowers PT on CTC Medial to $23.70

Gazprombank cuts its price target on Neutral-rated CTC Media

by 5% to $23.70 after updating the company's model with Russian TV market assumptions, audience share and profitability. Gazprombank says, "In our view, the market still strongly misprices the company's medium-term growth prospects, as we see the vast 114% upside potential to our new TP. However, we reiterate our NEUTRAL view on CTC Media shares for the time being, as we believe that investors would prefer waiting for proof of the company's market share rebound after the weak 2011 before they start re-rating the stock." CTCM closed at $11.09 a share on Monday.