Needham & Company Maintains a 'Buy' on CBS (CBS); Raising Numbers After Q4 Review

Needham & Company maintains a 'Buy' on CBS (NYSE: CBS) price target raised from $30 to $37.

Needham analyst says, "CBS reported 4Q11 revenue of $3.78B, down 3% y/y (4% below our estimate), and Operating EPS of $0.57, up 25% y/y (9% above our $0.53 estimate)...FY12 Guidance. National network (CBS) scatter pricing is up mid-teens over June 2011 upfront levels, and option cancellations are running at normal levels. In local (radio and TV stations) 1Q12 pacings are up high-single-digits, an acceleration from 4Q11 levels. Non-political revenues are currently pacing up low- single-digits in 1Q12. Outdoor in 1Q12 is pacing up mid-single-digits. With the Olympics in London this summer, CBS expects to see strong results from the UK in FY12. CapEx spending will remain at FY11 levels for the next several years."

Needham names CBS as a 2012 Top Pick and raises FY12 EPS estimates from $2.24 to $2.28.

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 $29.57 yesterday.

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