As reported earlier, Argus analyst Joseph Bonner downgraded CBS (CBS) to Hold, noting significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIAB) merger. Bonner notes that if the Moonves allegations are proven true, he would be immediately dismissed, which could end the board's bid to remain independent and thereby inflict damage on the shareholders. As part of his research note discussing the "mounting risks", Bonner also lowers his CBS FY18 EPS estimate to $5.25 from $5.29.