Wedbush Remains Bullish on CBS Corp. (CBS) Following EPS Beat - PT to $65
Wedbush reiterated an Outperform rating on CBS Corp. (NYSE: CBS), and raised the price target to $65.00 (from $63.00), following the company's 1Q earnings report. CBS reported EPS of $1.02 beat the Street's $0.94, on Entertainment strength. Management also gave an update that it was in the process of preparing SEC filings, while receiving interest from outside parties, to which it is open based on valuation.
Analyst James Dix commented, "Strong 1Q ad growth should boost pre-upfront optimism and shares. CBS’s 12% underlying network ad growth drove—on top of Super Bowl ad revenue—beat of our/Street estimates, and supports continuing share momentum ahead of TV upfront catalyst, given that advertising is ~50% of CBS’ total revenue."
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Shares of CBS closed at $55.66 yesterday.