UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on CBS Corporation on Solid 2012 Ending

In a report published Friday, Piper Jaffray reiterated its Overweight rating on CBS Corporation

, and raised its price target from $45.00 to $47.00. Piper Jaffray noted, “4Q OIBDA of $866M was largely in line with our forecast of $871M (consensus was $930M). A few one-time items, including a tax settlement in Outdoor and higher corporate pinched EPS. Ad commentary remained positive as network scatter pricing remains in the ‘teens'. Management discussed a strong outlook for 2013, highlighting a robust syndicated market, lack of pre-empted political programming (17 hours of prime time), strong positioning for the upfront, new retrans/reverse comp deals, and new digital opportunities. CBS continues to aggressively return capital announcing another $1B accelerated share repurchase on top of an existing authorization of $1.2B. The eventual spin-off/sale of the outdoor business should provide even more capital to return to shareholders. The one-time items might weaken the stock at the open but we would be buyers as the rest of the year looks encouraging.” CBS Corporation closed on Thursday at $42.94.