CBS (CBS) PT Raised to $65 at Piper Jaffray Following Record Results

Piper Jaffray analyst Stan Meyers reiterated an Overweight rating and boosted his price target on CBS (NYSE: CBS) to $65.00 (from $60.00) following record results.

Meyers commented, "CBS reported record results beating our expectations in the quarter driven by both the broadcast of Super Bowl 50 and the solid underlying advertising trends. Revenue was $3.85B vs our estimate of $3.71B and consensus of $3.83B. EPS of $1.02 was ahead of our $0.96 estimate and consensus of $0.94. On the call management highlighted a continued robust scatter ad market, with network advertising growing 12% excluding Super Bowl 50. Looking ahead management expects Upfront pricing and volume to reach a level not seen in a number of years. We continue to believe CBS is well positioned in the ever-changing TV landscape with significant leverage across both traditional and digital platforms. We are reiterating our OW rating and raising our PT to $65 from $60."

The firm raised FY 2016 EPS from $3.95 to $4.04 and FY 2017 EPS from $4.51 to $4.55.

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 $55.66 yesterday.

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