UBS Maintains a 'Buy' on CBS (CBS); Raising Numbers on Solid Q2

August 3, 2012 12:27 PM EDT Send to a Friend
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Price: $53.52 -0.43%

Rating Summary:
    18 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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UBS maintains a 'Buy' on CBS (NYSE: CBS) price target of $38.00 (from $37.00).

Analyst, John Janedis, said, "CBS 2Q OIBDA of $901M beat our Street-high $869M (Street: $857M) with the upside primarily in Entertainment (NCAA shift and syndication). Revenues were in line with our est at $3.48B, but light vs. the Street ($3.53B). We are tweaking our 3Q/ 4Q estimates to $0.65/ $0.76 vs. our prior $0.64/ $0.75, including higher retrans, the sale of CSI: Miami to Netflix (Nasdaq: NFLX) ($0.02), $50M/qtr more in share repurchases, offset by lower network ad growth. The earnings momentum story of the past two years continues to play out."

FY12 EPS estimate raised from $2.52 to $2.60 and FY13 from $2.86 to $2.90.

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.


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