) recorded a new 52-week high of $52.46 yesterday, before closing
at $51.26, rising approximately 31% year to date. Based on the
current price, CBS Corporation is 3% above the Zacks Consensus
average analyst price target of $49.78.
Moreover, this diversified media conglomerate currently trades
at a forward P/E of 16.9x, at par with the peer group average.
Additionally, the company's long-term estimated EPS growth rate
is 10.7%, which is healthy.
The shares of CBS Corporation are seeing an uptrend since the
company declared impressive bottom-line results for the first
quarter of 2013. The quarterly earnings came in at 73 cents a
share, which handily surpassed the Zacks Consensus Estimate of 68
cents and jumped 23.7% from 59 cents earned in the year-ago
Going forward, CBS Corporation remains well positioned to
drive growth in the coming quarters through its strategic
initiatives focused on increasing subscription-based revenue
channels. The company remains optimistic and expects the growth
momentum to continue in 2013, based on reverse compensation from
affiliates, strong demand of its content, digital distribution,
syndication sales and retransmission consent.
Moreover, CBS continues to benefit from its streaming deals
), as evident from the company's strong double-digit growth in
streaming revenues during the last reported quarter.
Alongside, to boost its growth prospects in the cable
television market, the company acquired 50% stake in TVGN, TV
Guide Network's pay channel, and the website TVGuide.com from
JPMorgan Chase & Company
) One Equity Partners.
Currently, shares of CBS Corporation carry a Zacks Rank #2
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