Citi Upgrading CBS

Citi Investment Research is out with a research report on CBS (NYSE: CBS) and is upgrading shares to Buy and it has a $27 price target.

In a note to clients, Citi Investment Research writes, "Sell-side consensus calls for 2012 EPS of $2.23, about 6% above our estimate. However, given the significant pull-back in CBS' share price, we think the buy-side already expects EPS that's well below the sell-side consensus. As such, we don't expect the stock to react to downward estimate revisions."

Shares of CBS gained 64 cents yesterday to close at $19.59.