JP Morgan Maintains Overweight Rating and $32 PT on CBS

A report from J.P. Morgan reiterates its Overweight rating and $32 price target on CBS (NYSE: CBS).

The report states, “In Q3,11, revenues grew 2% while EBITDA jumped 25%. We had been modeling +2% and +11%. EPS of $0.50 was $0.04 ahead of Street consensus. We had been expecting nice margin drive (given tight cost control and new content licensing deals)—but results (+460bps) were way ahead of estimates. That reflected gains in Entertainment (+770bps), Cable (+240bps), and Publ. (+260bps)."

CBS closed yesterday at $24.52.