UPDATE: ISI Group Initiates Coverage on CBS Corporation on Multiple Value-Creating Initiatives

In a report published Wednesday, ISI Group analyst Vijay Jayant initiated coverage on

with a Buy rating and $61.00 price target. In the report, ISI Group noted, “We are initiating coverage of CBS Corporation (CBS) shares with a Buy rating and a $61 price target for year-end 2014. CBS has the strongest broadcast TV network and a healthy TV studio business; a popular premium cable network in Showtime which has grown subscribers with quality original programming such as Homeland, Dexter, and Weeds; Simon & Schuster publishing; and local radio, TV, and Outdoor assets. CBS is in the midst of a transformation that should lead to both margin and multiple expansion – it has been exiting slow-growth and cyclically-sensitive (advertising-reliant) assets, aggressively growing new retransmission fees and reverse compensation, and monetizing owned content on new digital platforms.” CBS Corporation closed on Tuesday at $54.05.