NEW YORK (Bloomberg) — Central European Media Enterprises Ltd., which operates television stations in six Eastern European countries, rose to its highest level in a month as KBC Groep NV's Czech broker, Patria Finance AS, upgraded its recommendation on the company's shares to "buy" from "hold.".

The Bermuda-based company rose 2.8 percent to 1,414 koruna, its highest close since March 3.

"The outlook for the area of television advertising is still optimistic in the Central and Eastern European region," analysts at Patria wrote on their website.