Wells Fargo Upgrades CBS Corporation (CBS) to Outperform; Own Shares Before Q3 Print
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Wells Fargo upgrades CBS Corporation (NYSE: CBS) from Market Perform to Outperform.
Wells analyst says, "While we may be a little late to the party given CBS' 34% gain since August 6 (vs. the S&P 500, which is up 5%), we still see ~30% potential upside to the current price. We took a more detailed look at our model to better incorporate certain near-term catalysts (Superbowl, political and retrans), a stronger-than-expected scatter market and add'l cost cuts. As a result, we raised our 2010E EPS to $0.84 from $0.73 and may still be conservative. Consensus is at $0.77. BOTTOM LINE: This is a name you want to own before the Q3 print, in our opinion...Channel checks suggest parts of local advertising are bouncing off the bottom."
To see more analyst ratings on CBS Click Here.
CBS Corporation operates as a mass media company in the United States and internationally. The company operates in five segments: Television, Radio, Outdoor, Interactive, and Publishing.
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