BMO Capital Raises Price Target on CBS Corp. (CBS) Following a Strong 1Q
BMO Capital reiterated an Outperform rating on CBS Corp. (NYSE: CBS), and raised the price target to $63.00 (from $60.00), following the company's 1Q earnings report. CBS reported EPS of $1.02, ahead of the consensus estimate of $0.94. Total revenue of $3.85B was in line with the consensus of $3.84B.
Analyst Daniel Salmon commented, "1Q16 EPS of $1.02 were ahead of our and the consensus estimate of $0.94. Total revenue of $3.85B was roughly in line with our and the consensus estimate of $3.84B, and segment OI was above consensus in all four segments, including ~10% outperformance in Entertainment. Underlying network adgrowth was +12%, which accelerated from +8% in 2H15. CBS repurchased $500mm of stock in the quarter (10.3mm shares), has $1.5B remaining on itsauthorization, and continues to expect to complete it by year-end. Management also disclosed that it intends to file a registration statement for the Radiobusiness in June or July, but remains open to other options before then."
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Shares of CBS closed at $55.66 yesterday.