FBR Capital reiterated an Outperform rating and $66.00 price target on CBS (NYSE: CBS) after revising estimates towards the Street's estimates. Higher NFL costs, a higher mix of fixed-rate cable subscribers at Showtime, and the absence of year-ago Bell Canada revenues at Showtime, all contribute to the lower estimates.

Analyst William Bird commented, "We are lowering our Street-high 2015 EPS estimate to $3.35 (from $3.46), versus the Street consensus of $3.34, to reflect higher NFL costs, a higher mix of fixed-rate cable subscribers at Showtime, and the absence of year-ago Bell Canada revenues at Showtime. There is no change to our underlying TV assumptions. We maintain our Outperform rating."

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Shares of CBS closed at $50.78 yesterday.