UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on CBS Corporation on Mixed Factors

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

, and raised the price target from $60.00 to $65.00. In the report, Morgan Stanley noted, "CBS shares took a lot of medicine last year, as estimates and fwd. P/E fell ~12% and ~4x, respectively. While the ad outlook remains tepid industry wide, we prefer b'cast vs. cable. Meanwhile, the licensing picture for CBS has improved. Remain OW, lift PT to $65 (~11xEV/'16 EBITDA, ~14x P/E)." CBS Corporation closed on Tuesday at $60.20.