Needham & Company Reiterates a 'Buy' on CBS (CBS); 4Q11 Earnings Preview

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

Needham analyst says, "We are revising our 4Q11 revenue estimate to $3.93B, up 1% y/y (down 2% from our previous estimates), our OIBDA estimate to $820mm, up 9% y/y (down 2% from our previous estimates), and our EPS from Operations estimate to $0.53, up 15% y/y (down 6% from our previous estimates)."

"We have revised our 4Q11 estimates for CBS to reflect the following changes: 1) We are lowering our estimates for the Entertainment division to reflect difficult comps due to the sale of CSI into syndication for $120mm that was booked in 4Q10; 2) We are lowering our estimates for Cable Network OIBDA owing to lower margins than we expected on original series productions; 3) We are lowering our ad spending estimate at Local Broadcasting group; 4) For now, we maintain our FY12 revenue ($15.29B) and our EPS ($2.24) estimates."

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 $28.09 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• JPMorgan Upgrades Amber Enterprises India Ltd (AMBER:IN) to Overweight
• Movano (MOVE) Misses Q2 EPS by 195c
• Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15