Central European Media Enterprises (NASDAQ: CETV) was downgraded by Jefferies Group from a “buy” rating to a “hold” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $5.00 price target on the stock, down from their previous price target of $12.00.
The analysts wrote, “Media stocks continue to outperform with the DJ Stoxx Media up +17% over the last year, ahead of the DJ Stoxx 600 at +9%. We still see the sector as attractive on solid structural growth prospects with the advertising agencies our preferred sub-sector. We update our price targets and earnings estimates to reflect 4Q12 results and management outlooks for 2013. On average our 2013 earnings estimates rise 3% and price targets 9%.”
Central European Media Enterprises (NASDAQ: CETV) traded down 4.69% on Wednesday, hitting $3.86. Central European Media Enterprises has a 1-year low of $4.01 and a 1-year high of $10.10. The stock’s 50-day moving average is currently $5.09. The company’s market cap is $297.9 million.
Central European Media Enterprises (NASDAQ: CETV) last posted its quarterly earnings results on Wednesday, February 27th. The company reported ($5.59) EPS for the quarter. The company had revenue of $253.30 million for the quarter, compared to the consensus estimate of $276.90 million.
CME is a vertically integrated media company operating leading broadcast, content and new media businesses in six Central and Eastern European countries with an aggregate population of approximately 50 million people.