Nomura Securities Downgrades CBS (CBS) to Neutral Nothing to Fear...But Less Revisions
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Price: $40.77 --0%
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 20 | New: 25
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 20 | New: 25
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Nomura Securities downgraded CBS (NYSE: CBS) from Buy to Neutral.
Nomura analyst, Michael Nathanson, said, "We are downgrading our U.S. media sector view from Bullish to Neutral as we believe that the sector’s positive earnings revisions are set to slow in 2012. In addition, we are downgrading CBS from Buy to Neutral due to the rolling forward of our valuation framework to 2013 earnings which are set to decelerate sharply post highly anticipated strong 2012 results."
"We continue to recommend Disney (NYSE: DIS), News Corp (Nasdaq: NWSA), and Viacom (NYSE: VIA-B) as Buys in the group. We believe that Disney and News Corp have the best EPS revision potential in the group due to the benefit of near-term and widespread affiliate and retrans/reverse negotiations, strong cable content franchises, and the potential for further capital return plans. Viacom is now simply a value play on a massive equity shrink."
"On our CY13 valuation, our targets increase for Disney (from $43 to $44), News Corp ($20 to $21), Time Warner (NYSE: TWX) ($36 to $39), Discovery (Nasdaq: DISCA) ($41 to $47) and Scripps Networks ($45 to $47), while our targets remain unchanged for CBS ($28) and Viacom ($55)."
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 $26.25 yesterday.
Nomura analyst, Michael Nathanson, said, "We are downgrading our U.S. media sector view from Bullish to Neutral as we believe that the sector’s positive earnings revisions are set to slow in 2012. In addition, we are downgrading CBS from Buy to Neutral due to the rolling forward of our valuation framework to 2013 earnings which are set to decelerate sharply post highly anticipated strong 2012 results."
"We continue to recommend Disney (NYSE: DIS), News Corp (Nasdaq: NWSA), and Viacom (NYSE: VIA-B) as Buys in the group. We believe that Disney and News Corp have the best EPS revision potential in the group due to the benefit of near-term and widespread affiliate and retrans/reverse negotiations, strong cable content franchises, and the potential for further capital return plans. Viacom is now simply a value play on a massive equity shrink."
"On our CY13 valuation, our targets increase for Disney (from $43 to $44), News Corp ($20 to $21), Time Warner (NYSE: TWX) ($36 to $39), Discovery (Nasdaq: DISCA) ($41 to $47) and Scripps Networks ($45 to $47), while our targets remain unchanged for CBS ($28) and Viacom ($55)."
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 $26.25 yesterday.
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