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Fly News Breaks for July 10, 2015
CBS
Jul 10, 2015 | 08:17 EDT
JPMorgan lowered its 2015 earnings per share estimate for CBS to $3.40 from $3.60 and 2016 estimate to $4.06 from $4.31 to reflect "slightly softer" ad revenues and incremental spending for the Showtime over-the-top offering. The firm also cut its price target for shares to $70 from $73. JPMorgan views the stock as "very attractive" following the recent selloff, however, and reiterates an Overweight rating on the name. The firm still expects CBS to grow earnings double digits this year with "good acceleration" in 2016.
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