Wells Fargo analyst Marci Ryvicker sees three potential paths unfolding for CBS (CBS) and Viacom (VIAB). The first being CBS remaining a standalone company with Les Moonves in charge. In this scenario the analyst sees CBS shares re-rating to $64, but ultimately being worth $78, and Viacom retreating to $26.50, but being worth $35-$39. The second scenario has CBS and Viacom merging with Moonves in charge. Under this, the new CBS is worth $55 per share with Viacom taken out at $32, Ryvicker tells investors in a research note. Her third scenario has CBS and Viacom merging with Bob Bakish in charge. The analyst values the new CBS at $44 per share in this scenario. At this point, Ryvicker favors a go-it-alone strategy for CBS. She also likes what Bakish is doing at Viacom. The analyst keeps Market Perform rating on both stocks, however, citing the lack of visibility on the outcome or timing.