Needham & Company Reiterates a 'Buy' on CBS (CBS); 3Q11 Earnings Preview

Needham & Company reiterates a 'Buy' on CBS (NYSE: CBS) price target of $30.00.

Needham analyst says, "We believe that CBS’s current ad spending environment is stable and demand is solid at both the local and national level. We believe the advertising market continues to be robust at both the local and national levels for CBS. We maintain our EPS estimates for 3Q11 at $0.46 and our 4Q11 EPS estimate at $0.56, and therefore our FY11 estimate at $1.88. We fine-tune our revenue estimate for 4Q11 to $4.0B to reflect lower political advertising in FY11: We expect this to reverse itself in FY12. We maintain our FY12 revenue ($15.3B) and our EPS (at $2.24) estimates."

For more ratings news on CBS click here and for the rating history of CBS click here.

Shares of CBS closed at $20.97 yesterday.

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