Bank ZENIT has decreased its recommendation for RBC shares from "Buy" to "Hold", and increased the target price from $3.1 to $3.7. RBC shares have surged more than 60 percent over the past 12 months. The company's shares have grown amid investors' optimism with respect to the prospects of the IT and media business in Russia, as well as a favorable situation on the market, the bank has commented. Due to last year's political risks (tax claims against VimpelCom, elections in Ukraine and the YUKOS case) a pretty high discount rate of 18.2 percent was used to calculate a fair price for RBC's shares. Taking into account a drop in these risks, the bank's analysts calculated a new fair price with a smaller discount rate. ZENIT's analysts are reiterating that RBC is the only public company operating on both of Russia's two most promising markets: IT and media. They believe it is not expected that RBC's shares will grow faster than the market in the medium term, as at present the company's shares have been adequately assessed. Analysts with Brunswick UBS expect the pace of growth in the mass media and IT markets to outstrip GDP dynamics. RBC is the only traded Russian company, by buying shares in which, investors can gain access to these two segments. Analysts with the investment company also point to good figures on RBC's balance sheet, and positive cash flows. Brunswick UBS retains its "Buy2" recommendation for RBC's securities, with a price forecast equal to $3.9 in a year. The company's shares were traded at $3.33 to $3.4 on the RTS yesterday.