UPDATE: Bank of America Raises CBS' PO

According to a research report published this morning, Bank of America has increased CBS' CBS PO from $38 to $40. In the report, Bank of America said, "CBS Network scatter is pacing up double digits in 2Q12 amidst strong ratings and modest cancellations as CBS heads into the upfront. Local broadcasting is pacing up low single digits, w/automotive supplying notable strength, while Outdoor is also pacing to be up low single digits." Bank of America maintains its Buy rating on CBS, which is currently trading at $34.39.