J.P. Morgan Maintains Overweight Rating And Increases PT on CBS

In a recent report, J.P. Morgan has maintained an overweight rating on CBS (NYSE: CBS) and increased the price target from $26.00 to $29.00.

In the report, J.P. Morgan said, "We're maintaining our Overweight rating on CBS. In Q1,11, revenues slipped 1% while EBITDA jumped 64%. We had been modeling -3% and +30%, respectively. EPS of $0.29 was $0.10 ahead of consensus with $0.01-0.02 of help from a low tax rate. We had been expecting nice margin drive given cycling of year-ago factors (incl. Super Bowl, new NCAA contract)—but EBITDA margin (up 650bps) was way ahead of our estimates."

CBS closed yesterday at $25.24.