UPDATE: JP Morgan Raises PT to $38 on CBS Corporation

JP Morgan increases its price target from $35 to $36 on Overweight-rated CBS Corporation CBS as it lifts the company's estimates ahead of Q1 results. JP Morgan notes, "We're maintaining our Overweight rating on CBS shares. We expect solid Q1,12 results on May 1, and are raising our estimates. While macro jitters persist, we believe ad trends have remained steady and CBS is benefitting from growing contribution from non-advertising streams. Given consistent ratings strength, the CBS Network seems poised to outperform during the upcoming TV Upfront (with pricing likely up HSD). We believe the estimate bias remains upward, and a potential online licensing deal for 1 or more of CBS's CSI programs could provide a modest boost down the line." CBS closed at $32.82 yesterday.