Nomura Securities Maintains a 'Neutral' on CBS (CBS); Surprise, But Looking Past Q2
Tweet Send to a FriendGet Alerts CBS Hot Sheet
Price: $51.06 --0%
Rating Summary:
12 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 9
Rating Summary:
12 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 9
Trade CBS Now!
Nomura Securities maintains a 'Neutral' on CBS (NYSE: CBS) price target of $36.00.
Analyst, Michael Nathanson, said, "Last night, CBS reported second quarter EPS of $0.65, $0.05 better than our penny above-the-street estimate of $0.60. The bulk of the beat was sourced by cost savings at its Entertainment segment, which despite coming in $40mn below us on the top line, beat us by $30mn on EBITDA. It seems we misjudged the size of the costs associated with the semi-final NCAA games (which were in 1Q12 vs. 2Q11 last year) and step down in Netflix content revenues, but believe a change in TV show ultimates also helped drive down costs. Lower taxes also contributed $0.03 of the 2Q EPS beat."
"Following through 2Q’s beat and these other model changes, we are raising our 2012E EPS by $0.07 to $2.57 and 2013E by $0.10 to $2.92."
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 $33.04 yesterday, with a 52 week range of $17.99-$35.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Michael Nathanson, said, "Last night, CBS reported second quarter EPS of $0.65, $0.05 better than our penny above-the-street estimate of $0.60. The bulk of the beat was sourced by cost savings at its Entertainment segment, which despite coming in $40mn below us on the top line, beat us by $30mn on EBITDA. It seems we misjudged the size of the costs associated with the semi-final NCAA games (which were in 1Q12 vs. 2Q11 last year) and step down in Netflix content revenues, but believe a change in TV show ultimates also helped drive down costs. Lower taxes also contributed $0.03 of the 2Q EPS beat."
"Following through 2Q’s beat and these other model changes, we are raising our 2012E EPS by $0.07 to $2.57 and 2013E by $0.10 to $2.92."
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 $33.04 yesterday, with a 52 week range of $17.99-$35.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Janney Capital Trims Numbers on Buckle (BKE), Margins Peaking
- Wedbush Downgrades salesforce.com (CRM) to Neutral
- Canaccord Genuity Boosts Price Target on Akamai (AKAM) Citing Momentum
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS ViewRelated Entities
Nomura
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
