Needham Urges Buy CBS Corp (CBS) Ahead Of Earnings Report
February 18, 2010 9:07 AM
Needham analyst Laura Martin reiterated Needham's Buy rating for CBS Corp (NYSE: CBS) and recommended that investors buy shares of CBS Corp before the broadcaster's earnings report today at 4:30pm.
Martin said, "We recommend investors buy CBS going into earnings because we believe consensus estimates are too low."
Martin cited guidance given by News Corporation (Nasdaq: NWS) and The Walt Disney Co. (NYSE: DIS) ABC network that advertising revenue grew in the last quarter.
As the number 1 network and the biggest owner of individual television stations in the U.S., Martin reasoned that CBS was in a unique position to benefit from industry wide rising advertising revenues.
Martin set her price target for CBS Corp at $17.
CBS Corp closed yesterday at $13.52.
