Morgan Stanley reiterates its Overweight rating on CCBS Corporation CBS and increases its price target to $34, up $1, as rising subscription revenues offset soft advertising.
Morgan Stanley says, "Our above-street ‘12/'13 EPS forecasts move up on modestly higher subscription revs and improved margins. Local ad trends should accelerate through CY12 as political ramps, while re-trans trajectory appears better than expected."
CBS closed at $29.57 a share yesterday.
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