UPDATE: Benchmark Raises CBS' PT

According to a research report published this morning, Benchmark has increased CBS' CBS PT from $33 to $39. In the report, Benchmark stated, "CBS (CBS-Buy, PT from $33 to $39) reported 1Q12 results well above expectations with total revenues up 12% to $3.92 billion, vs. our estimate and consensus of $3.77 billion, driven by 16% growth in Entertainment revenues stemming from strong digital sales. Adjusted OIBDA of $784 million was up 36% y/y, with a 20% margin vs. 16% a year earlier due to significant margin expansion from the higher margin revenue streams in both the Entertainment and Cable segments. EPS of $0.54 topped our and the consensus' estimate of $0.44." CBS closed yesterday at $33.42.