Needham & Company Reiterates a 'Buy' on CBS (CBS); Raising PT & Estimates on Easy Beat

Needham & Company reiterates a 'Buy' on CBS (NYSE: CBS) price target raised from $37 to $40.

Analyst, Laura Martin, said, "CBS easily beat our earnings estimates, reporting revenue of $3.924B (up 12% y/y and 4% above our estimates), OIDBA of $773mm (up 34% y/y and 9% above our estimates) and EPS of $0.54, (up 86% y/y and 23% above our estimates)."

"We adjust our FY12 and FY12 estimates to reflect 1Q12 actual results, management comments made on the earnings call and updated FY12 guidance. As a result, we maintain our FY12 revenue of $15.139B, but we are raising our EPS estimate by 4.9% to $2.43. For FY13, we are raising our revenue estimate to $16.115B, from $16.106B, and our EPS by 7% to $2.64. Our higher EPS estimates reflect management’s efforts to manage its expenses carefully, resulting in improved margins and improved profitability."

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 $33.42 yesterday.

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