BMO Capital analyst Daniel Salmon lowers his price target on CBS (CBS) to $70 and kept his Outperform rating. Salmon says that while Q4 results showed a solid performance in affiliate fees and licensing deals, along with growth in direct-to-consumer offerings", the overhang from the potential Viacom (VIAB) deal continues to weigh on the stock. Longer term, the analyst believes that CBS remains uniquely positioned in media as it diversifies away from ad revenue to more recurring fee streams just as its content, licensing and syndication opportunities continue to grow.