UPDATE: Bank of America Reiterates Buy Rating, Lowers PT on CBS Corporation Ahead of 3Q14 Report

In a report published Thursday, Bank of America analyst Jessica Reif Cohen reiterated a Buy rating on

, but lowered the price target from $80.00 to $70.00. In the report, Bank of America noted, “We anticipate CBS' 3Q14E will show PF declines in revenue and EBITDA, as another soft adv. Q and tough SVOD/PPV comps flow through amidst elevated prog. costs. Key drivers incl.: (1) softer CBS Network rev. growth of +2% Y/Y (vs. +15% prev.), a function of low single digit adv. declines partially offset by $20-25mn of incremental retrans/reverse comp., (2) softer Syndication (-8% vs. +3% prev.), now better reflecting last year's NCIS: Los Angeles and The Good Wife syndication sales, (3) a low-single digit EBITDA decline at Cable Nets, as underlying growth + Californication and int'l syndication sales are offset by last year's Mayweather PPV and Dexter SVOD sale,(4) higher summer prog. costs + NFL step up and Thurs. Night costs, (5) weak Publishing (on tough comps), (6) stable Radio, (7) solid Local TV (+10%) on NFL/political and (8) $375mn in buybacks (vs. $200mn prev.).” CBS Corporation closed on Wednesday at $52.81.