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Jan. 11 (Bloomberg) -- CTC Media Inc., a Russian television network traded in the U.S., slid the most this month after Goldman Sachs Group Inc. cut its recommendation on the stock, citing declining audience share and slowing advertising revenue.
CTC Media sank 1.1 percent to $9.15 by 4 p.m. in New York, the biggest one-day decline since Dec. 30. Goldman reduced the Moscow-based company’s rating to “neutral” from “buy” and cut its 12-month target price to $12.30 from $13.60, according to a report by analysts including Alexander Balakhnin and Daria Fomina e-mailed today.
The average daily share of viewers for CTC’s television channel, the company’s biggest source of advertising revenue and Russia’s fifth-most-popular national station, fell to below 7 percent last month, from 7.5 percent in November and 7.9 percent in October, according to weekly data from TNS Gallup Media. CTC uses TNS data in its financial reports.
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