UPDATE: Pivotal Research Group Initiates Coverage on CBS

According to a research report this morning, Pivotal Research Group initiates a Buy rating and a $37 PT on CBS

. Pivotal Research Group stated, “CBS is the media stock best positioned to capitalize on what we believe are perpetually-favorable trends benefitting the network TV business and its ancillary activities. The company's direct competitors are harder to invest in, buried as they are inside of much larger conglomerates (namely Comcast

, Walt Disney Co.

and News Corp

).” CBS closed Friday at $30.33.