Deutsche Bank Maintains Buy Rating and $34 PT on CBS

A report form Deutsche Bank reiterates its Buy rating and $34 price target on CBS

. The report states, “We see CBS shares as cheap at 9x ‘12E FCF, especially with retrans not fully priced in (we see $1b/yr by 2017), terrific cost control, and the increasing value of TV programming, more than offsetting challenges for local ad media and the longterm secular decline in broadcast viewership. The buyback plan / dividend are also important, totaling $1.3b for ‘11E (8% return of equity)." CBS closed yesterday at $24.52.