UPDATE: Wedbush Lowers Price Target on CBS to $28

According to Wedbush, CBS CBS price target is lowered to $28. Wedbush said that it reduces its advertising growth forecasts based on lower U.S. industry growth assumptions, resulting in 2012 estimates below the Street by 2% on OIBDA and 3% on EPS. “We reduce our 12-month price target to $28 from $30 on our lower estimates.” CBS closed on Friday at $24.48.