Benchmark Maintains a 'Buy' on CBS (CBS); Content is King; Raising Numbers

May 2, 2012 1:21 PM EDT
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Price: $63.14 +1.41%

Rating Summary:
    23 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Benchmark maintains a 'Buy' on CBS (NYSE: CBS) price target raised from $33 to $39.

Analyst, Edward J. Atorino, said, "CBS’ strong finish in 2011 has carried into 2012 as CBS maximizes the monetization of its content, including enhanced digital distribution, driving growth in Network revenues and expanding OIBDA margins."

"(For FY12) We now look for 7.5% y/y revenue growth to $15.3 billion, with improved profitability reflecting favorable cost trends. We estimate TV station revenue could be up in the low to mid teens, with Entertainment up 7% and Cable up 8%. Our 2012 EPS estimate rises to $2.45 from $2.31, with OIBDA of $3.55 billion on a 130bp improvement in margin."

For an analyst ratings summary and ratings history on CBS click here. For more ratings news on CBS click here.

Shares of CBS closed at $33.42 yesterday.

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