UPDATE: Morgan Stanley Reiterates On CBS Corporation As Estimates Are Trimmed

In a report published Monday, Morgan Stanley analyst Benjamin Swinburne reiterated an Overweight rating on

, but lowered the price target from $71.00 to $63.00. In the report, Morgan Stanley noted, “We acknowledge our earnings outlook was too optimistic, and we cut our estimates and PT to $63 – over 25% upside – or 14x ‘16E EPS. Half of our lower outlook is from ad revs. The remaining cuts we believe mask underlying secular growth drivers in content monetization unique to CBS, remain OW.” CBS Corporation closed on Friday at $49.91.