Nomura Securities Maintains a 'Neutral' on CBS (CBS); Raising Numbers Post Q4
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Price: $40.77 --0%
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on CBS (NYSE: CBS) price target raised from $28 to $30.
Analyst, Michael Nathanson, said, "Maintain Neutral, but raise our estimates and PT to $30, based on a higher market multiple. For the second straight quarter, earnings at CBS came in $0.04 above consensus, with 4Q11 adj. EPS of $0.57 – $0.03 better than our forecast. As we have seen this earnings season, CBS advertising was below estimates, with surprising 0% growth in CBS network advertising, -18% declines in local TV and -5% declines in Radio. In particular, for the first time this fiscal year, Entertainment EBITDA margins came in as expected at 15.9%. For 2012, we are leaving our revenue forecasts essentially unchanged, at 5% revenue growth. CBS is trading at 12.3x our revised CY12E EPS with limited upside, in our view. Our 2012/13 EPS estimates go to $2.40/$2.63, from $2.30/$2.50, respectively."
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.
Analyst, Michael Nathanson, said, "Maintain Neutral, but raise our estimates and PT to $30, based on a higher market multiple. For the second straight quarter, earnings at CBS came in $0.04 above consensus, with 4Q11 adj. EPS of $0.57 – $0.03 better than our forecast. As we have seen this earnings season, CBS advertising was below estimates, with surprising 0% growth in CBS network advertising, -18% declines in local TV and -5% declines in Radio. In particular, for the first time this fiscal year, Entertainment EBITDA margins came in as expected at 15.9%. For 2012, we are leaving our revenue forecasts essentially unchanged, at 5% revenue growth. CBS is trading at 12.3x our revised CY12E EPS with limited upside, in our view. Our 2012/13 EPS estimates go to $2.40/$2.63, from $2.30/$2.50, respectively."
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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