Nomura Securities Boosts Estimates, Target on CBS (CBS)
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Price: $40.77 --0%
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 12 | New: 12
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 12 | New: 12
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Nomura Securities lifted estimates and their price target on CBS (NYSE: CBS) from $30 to $34, saying they were early with their downgrade to Neutral in November.
Analyst Michael Nathanson commented, "We were not properly factoring in additional upside from syndication and higher retrans fees. Given this, we are increasing 2012E/2013E EPS from $2.40/ $2.63 to $2.42/ $2.80; and PT from $30 to $34. We expect a strong 1Q and keep est unchanged at $0.47 (vs. the Street at $0.43). However, the unknown variable remains advertising. We estimate that every 1% change to underlying ad growth equates to $0.08 of EPS or 3% change to 2013E EPS. Longer term, we do not see further material re-rating in the stock, and do not expect positive ad revisions given moderating ad data points."
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 $32.18 yesterday.
Analyst Michael Nathanson commented, "We were not properly factoring in additional upside from syndication and higher retrans fees. Given this, we are increasing 2012E/2013E EPS from $2.40/ $2.63 to $2.42/ $2.80; and PT from $30 to $34. We expect a strong 1Q and keep est unchanged at $0.47 (vs. the Street at $0.43). However, the unknown variable remains advertising. We estimate that every 1% change to underlying ad growth equates to $0.08 of EPS or 3% change to 2013E EPS. Longer term, we do not see further material re-rating in the stock, and do not expect positive ad revisions given moderating ad data points."
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 $32.18 yesterday.
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