UPDATE: Wedbush Upgrades CBS Corporation to Outperform on Outdoor Deal

Wedbush upgraded CBS Corporation

from Neutral to Outperform and raised its price target from $36.00 to $50.00. Wedbush commented, "We raise our PT to $50 from $36 on updated valuation, reflecting new 2014 sum-of-the-parts analysis and planned outdoor transactions announced Wednesday post-close. CBS announced plans to 1) sell its international Outdoor operations in Europe and Asia, to be reflected in discontinued operations as of 12/31/12, and 2) convert Americas outdoor division into a REIT, for which it will submit to the IRS a request for a private letter ruling this quarter." CBS Corporation closed at $37.94 on Wednesday.