BMO Capital Raises Price Target on CBS Corp. (CBS) Following a Strong 1Q

BMO Capital reiterated an Outperform rating on CBS Corp. (NYSE: CBS), and raised the price target to $63.00 (from $60.00), following the company's 1Q earnings report. CBS reported EPS of $1.02, ahead of the consensus estimate of $0.94. Total revenue of $3.85B was in line with the consensus of $3.84B.

Analyst Daniel Salmon commented, "1Q16 EPS of $1.02 were ahead of our and the consensus estimate of $0.94. Total revenue of $3.85B was roughly in line with our and the consensus estimate of $3.84B, and segment OI was above consensus in all four segments, including ~10% outperformance in Entertainment. Underlying network adgrowth was +12%, which accelerated from +8% in 2H15. CBS repurchased $500mm of stock in the quarter (10.3mm shares), has $1.5B remaining on itsauthorization, and continues to expect to complete it by year-end. Management also disclosed that it intends to file a registration statement for the Radiobusiness in June or July, but remains open to other options before then."

For an analyst ratings summary and ratings history on CBS click here. For more ratings news on CBS click here.

Shares of CBS closed at $55.66 yesterday.

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