Macquarie Reiterates Coverage on CBS Corporation, Optimistic on Long-Term Growth

In a report published Friday, Macquarie analyst Tim Nollen maintained an Outperform rating on CBS Corporation CBS, with a price target of $66.00.

According to the report, CBS is trimming near-term estimates, however remains optimistic on long-term growth.

Some highlights from the report included:

-”Fall season ratings look decent beyond C3”
-”C7 + VOD provides more ad inventory, and opportunities for dynamic ad insertion.”
-”Scatter market a bit light – but due to supply, not demand.”
-”We are taking a penny out of our Q4 estimate to $0.78, bringing 2013E to $3.02.”
-”Our 2014 estimate likewise slips 4¢ to $3.51, but that’s still 16% EPS growth, and we are not factoring in all potential share count reductions from the CBS Outdoor spin-off expected in Q1, which could add an incremental 3-4% to annualized EPS.”

CBS closed Thursday at $63.00.