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Fly News Breaks for August 14, 2019
VIAB, VIA, CBS
Aug 14, 2019 | 06:46 EDT
BofA/Merrill analyst Jessica Ehrlich upgraded CBS (CBS) to Buy with a price target of $63. The analyst cites the removed overhang of uncertainty around the company's leadership / M&A status and sees a "fairly clear" visibility toward double-digit earnings accretion, with optionality on further accretion through incremental cost and revenue synergies in its Viacom (VIA) merger. Ehrlich adds that her target 9-times expected 2020 earnings multiple is a premium to pure play cable network companies but a discount to diversified peers of CBS.
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