Jefferies Reaffirms Their Buy Rating on CBS Corp

By Carrie Williams

In a report issued on June 12, John Janedis from Jefferies reiterated a Buy rating on CBS Corp (NYSE: CBS), with a price target of $71. The company’s shares closed yesterday at $61.85.

According to TipRanks.com, Janedis is a 5-star analyst with an average return of 8.8% and a 65.3% success rate. Janedis covers the Services sector, focusing on stocks such as Interpublic Group of Companies, Live Nation Entertainment, and Madison Square Garden Co.

Currently, the analyst consensus on CBS Corp is Strong Buy and the average price target is $75.82, representing a 22.6% upside.

In a report issued on June 6, RBC Capital also reiterated a Buy rating on the stock with a $75 price target.

Based on CBS Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $3.34 billion and GAAP net loss of $252 million. In comparison, last year the company earned revenue of $3.85 billion and had a net profit of $473 million.

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CBS Corp. operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films as well as the Company’s digital streaming services, CBS All Access and CBSN. The Cable Networks includes Showtime Networks, CBS Sports Network, and Smithsonian Networks. The Publishing segment manages the Simon & Schuster’s consumer book publishing business with imprints such as Simon & Schuster, Pocket Books, Scribner, and Atria Books. The Local Media segment handles the CBS Television Stations, and CBS Local Digital Media, with revenues generated primarily from advertising sales and retransmission fees. The company was founded by Sumner Murray Redstone in 1986 and is headquartered in New York, NY.