UBS Maintains a 'Buy' on CBS (CBS); 4Q Rev Light; OIBDA In Line; Sticking to $1B Annual Buyback
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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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UBS maintains a 'Buy' on CBS (NYSE: CBS) price target raised from $30 to $33.
UBS analyst says, "Management was upbeat on adv. growth in 1Q+ following a 4Q with network ad growth (flat), local TV (down high teens) and local radio (-5%). Demand appears to have picked up somewhat in 1Q, but not enough to drive CPMs above the mid teens level. Continued margin expansion to come from lower programming exp, OVD, retrans. We are leaving 1Q unch at $0.45, but are raising ’12 EPS to $2.40 from $2.36, primarily on below the line. While the stock may be weak on slower 4Q ad growth, it remains our top pick and would buy on weakness."
"CBS repurchased 7M share in 4Q, bringing the year to 42M or $1.03B. Mgmt reiterated they expect to repurchase another $1B in ’12 (in line with UBSe). CBS remains one of the better return of capital stories in media."
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.
UBS analyst says, "Management was upbeat on adv. growth in 1Q+ following a 4Q with network ad growth (flat), local TV (down high teens) and local radio (-5%). Demand appears to have picked up somewhat in 1Q, but not enough to drive CPMs above the mid teens level. Continued margin expansion to come from lower programming exp, OVD, retrans. We are leaving 1Q unch at $0.45, but are raising ’12 EPS to $2.40 from $2.36, primarily on below the line. While the stock may be weak on slower 4Q ad growth, it remains our top pick and would buy on weakness."
"CBS repurchased 7M share in 4Q, bringing the year to 42M or $1.03B. Mgmt reiterated they expect to repurchase another $1B in ’12 (in line with UBSe). CBS remains one of the better return of capital stories in media."
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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