UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on CTC Media

In a report published Wednesday, Morgan Stanley reiterated its Equal-Weight rating on CTC Media CTCM, but lowered its price target from $14.50 to $13.00. Morgan Stanley noted, “CTC is an attractive way to play the long-term growth of Russian consumers. It has an 18% share of the Russian TV market that has a 55% share of advertising. We forecast an advertising CAGR of 12% 2011-14 vs 5% in CEE, 2% in W. Europe, 7% in Asia Pacific and 9% in Latin America. Some 98% of revenues derive from advertising, which grew 50% above GDP in 2002-08.” CTC Media closed on Tuesday at $8.52.