Benchmark Raises Price Target on CBS (CBS) Ahead of Earnings, Sees FY12 Upside

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CBS Hot Sheet

Rating Summary:
8 Buy, 3 Hold, 0 Sell

Rating Trend: Down

Down

Today's Overall Ratings:
Up: 19 | Down: 16 | New: 82

Benchmark is reaffirming its Buy rating on shares of CBS (NYSE: CBS) and is raising its price target from $30 to $33 ahead of the release of its Q4 results.

The company is scheduled to release its Q4 results on February 15 following the closing bell.

The firm highlights television advertising trends continue to remain positive and look to well into 2012. For Q4, Benchmark lifted its EPS estimate from $0.51 to $0.53 on $3.92 billion in total revenues.

Looking into 2012 the firm is optimistic as it has raised its earnings estimate from $2.27 per share to $2.31 on $15.4 billion in revenues. The Street's consensus calls for $2.29 per share in earnings on $15.11 billion in sales.

An analyst at Benchmark comments, "CBS appears well positioned for Q4 2011 and heading into 2012. We believe network scatter prices have firmed and are up in the mid to high single digits, with sales extending through Q1 2012. TV station revenues are also pacing up in the low-mid single digits and are expected to continue to improve, with possible early political advertising adding to total revenues."

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 $30.21 yesterday, with a 52 week range of $17.99-$30.38.

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