Benchmark Co. Sticks to Their Buy Rating for CBS Corp

By Jason Carr

In a report released today, Daniel Kurnos from Benchmark Co. reiterated a Buy rating on CBS Corp (NYSE: CBS), with a price target of $76. The company’s shares closed yesterday at $61.51.

Kurnos wrote:

“We suspect that estimate will prove conservative given the cross-sport draw (and the unknown undercard, which could feature additional cross-sport matchups) despite what most believe will be an uncompetitive contest, while noting that the $606 million gross forecast includes an estimated $20 million more in PPV sales than Mayweather-Pacquiao. However, given the novelty of the matchup, we prefer to remain conservative at this point in time, raising our estimates by slightly less than what CBS took in for the Mayweather-Pacquiao event.”

According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 13.3% and a 59.0% success rate. Kurnos covers the Services sector, focusing on stocks such as Liquidity Services, Sinclair Broadcast, and 1-800 FlowersCom.

Currently, the analyst consensus on CBS Corp is Strong Buy and the average price target is $76, representing a 23.6% upside.

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

CBS Corp’s market cap is currently $25.03B and has a P/E ratio of 54.92. The company has a book value ratio of 8.6775.

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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.