Wunderlich Securities Downgrades CBS Corp (CBS) to Neutral
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Wunderlich Securities downgrades CBS Corp (NYSE: CBS) from Buy to Neutral. Price target lowered from $12 to $7.
Wunderlich analyst says, "CBS still offers a 25% free cash flow yield and 15% dividend yield at our $7 price target and on our 2009 estimates, but we recommend investors stay on the sidelines until there is better evidence of an advertising rebound...Although CBS has recently sold some of its broadcast radio assets, CBS still has significant revenue and margin exposure from radio and it is likely that radio advertising will be one of the most negatively affected traditional media segments in terms of the advertising shift toward online media. Based on recent results, the Radio segment was 12% of total revenue and 21% of total OIBDA."
CBS Corporation (CBS Corp.) is a mass media company with operations in Television, Radio, Outdoor and Publishing segments.
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