UPDATE: Benchmark Raises PT to $44 on CBS on Strong TV Results, Revenue Streams

Benchmark reiterated its Buy rating on CBS

and increased its price target from $39 to $40. Benchmark noted, "At a recent investor conference, CBS management stated that CBS television ad revenue growth accelerated in recent weeks, driven by political advertising. Network revenues have also been strong reflecting 2012 upfront pricing. It is too early to tell about the near term outlook for network advertising as scatter pacings are too small to be meaningful, but we expect a good market to develop in coming weeks." CBS Corporation closed at $37.90 on Friday.