UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on CBS Corporation on Announced REIT Conversion

In a report published Friday, Deutsche Bank reiterated its Buy rating on CBS Corporation CBS, and raised its price target from $47.00 to $50.00. Deutsche Bank noted, “We see CBS shares as attractive at 12x ‘14E FCF (pre-REIT equity shrink). The announced REIT conversion for outdoor meaningfully enhances value, CBS viewership is heading towards stable levels Y/Y by the end of the season, and we believe retrans is not fully priced in (we see $1+b/yr by 2017, $2b/yr by 2020), while buybacks / dividends are a full 9% of equity this year ($2.5b total).” CBS Corporation closed on Thursday at $42.94.