JPMorgan reported on Tuesday that it has raised its price target on media company, CBS Corporation (CBS).
The firm has reiterated an “Overweight” rating on CBS, and has increased its price target from $50 to $52. This price target suggests a 11% upside from the stock’s current price of $46.19.
An analyst from the firm commented, “we reiterate our Overweight rating as we believe CBS is on track to deliver some of the highest earnings growth in our large cap media universe. CBS’ highly valued content will likely continue to enhance core revenue growth through further syndication and digital sales. The company will garner an increasing amount of high-margin retransmissions and reverse compensation revenues, which should boost EPS nicely. Furthermore, the company will likely step-up its already sizeable share buyback program once the initiatives at Outdoor are implemented, further enhancing shareholder returns.”
CBS shares were mostly flat during premarket trading Tuesday. The stock has increased 38% in the past year.
The Bottom Line
Shares of CBS Corporation (CVS) have a 1.04% yield, based on Monday’s closing price of $46.19.
CBS Corporation (CBS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.