Goldman Sachs Bumps Price Target on CBS (CBS), Maintains Neutral Rating

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February 16, 2012 1:15 PM EST
Get Alerts CBS Hot Sheet
Price: $40.77 --0%

Rating Summary:
    20 Buy, 12 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 16 | New: 37
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Goldman Sachs boosted its price target on Neutral-rated CBS (NYSE: CBS) from $31.50 to $32 and raised estimates following Q4 results, which beat the consensus by 1 cent on a lower tax rate.

The firm noted, that like many peers, CBS's advertising missed estimates and guidance. However, margins made up for the advertising miss in 4Q. CBS repurchased $170 million in stock in the quarter, which was below the firm's $250 million estimate. However, the firm plans on repurchase $1 billion this year, in line with the firm's estimate and equal to 5% of equity value.

The firm raised 2012E/2013E EPS by 1% to $2.35/$2.65 due to slightly higher margins.

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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