UPDATE: Deutsche Bank Reaffirms Buy Rating and Increases PT on CBS to $32

According to Deutsche Bank, the expectations are too low for the potential for the CBS Network CBS so Deutsche Bank reaffirmed the BVuy rating and increased the price target from $28.00 to $32.00. In the report, Deutsche Bank said, "We believe expectations are too low relative to the potential for the CBS Network to see 12% upfront CPM gains, strong cost control, fast int'l syndication growth, and reverse retrans. M&A risk is reduced given the buyback plan ($1b/yr). Stock at 9x ‘12E FCF -- too low, in our view." CBS closed yesterday at $25.24.