BMO Capital Downgrades CBS (CBS) to Market Perform as Re-Merger Approaches
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BMO Capital downgraded CBS (NYSE: CBS) from Outperform to Market Perform while maintaining a $63 price target as the likely re-merger approaches.
Analyst Daniel Salmon commented, "We believe "the best mix shift story in media" is fairly valued and expect CBS will become a "deal stock" with VIAB soon. To be sure, that outcome is not 100% yet and we would be fundamentally productive on CBS in the mid-$50s. But we also believe the stock has worked through several catalysts, including an accelerated buyback this Q. Patient investors can hold and work through a merger, or we recommend FOXA if fundamental investing is still the priority. New Media pecking order: FOXA, TWX, CBS, VIAB, DIS."
Shares of CBS closed at $60.93 yesterday.
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