Piper Jaffray Upgrades CBS Corporation (CBS) to Neutral; Raises PT & 2010 Estimates
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Piper Jaffray upgrades CBS Corporation (NYSE: CBS) from Underweight to Neutral. Price target increased from $12 to $13.
Piper analyst says, "We believe the weak ad market has masked much of the progress at some key businesses at CBS and as the ad market begins to show signs of recovery we expect that this progress will become more apparent to investors. Clearly CBS has meaningful exposure to businesses with substantial secular challenges (namely TV stations, radio stations and publishing), but due to their current depressed cash flow, their implied value is relatively small at CBS at present share levels...We are raising our 2010 revenue and EPS estimates to $13.3B / $0.80 from $13.0B / $0.79..."
To see more analyst ratings on CBS Click Here.
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