Wedbush Securities Reiterates Outperform Rating, $50 PT on CBS Corporation on In-Line Trends
In a report published Friday, Wedbush Securities reiterated its Outperform rating and $50.00 price target on CBS Corporation (NYSE: CBS).
Wedbush Securities noted, “Our 2013E EPS goes to $2.95 from $2.89 (Street: $2.92). Higher forecast share repurchases – now $1bn in 1Q13, vs. prior $260m – more than offset slightly lower Entertainment and Cable OIBDA estimates, on lower margin expansion outlook. Management affirmed it is pursuing all options for Outdoor Americas, including REIT conversion, which it is confident can be completed by the beginning of 2014.”
CBS Corporation closed on Thursday at $42.94.
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Tags: Wedbush Securities