Guggenheim analyst Michael Morris upgraded Viacom (VIAB) to Buy from Neutral after the company announced an agreement to combine with CBS (CBS) in an all-stock deal that values the new company at more than $28B. He sees the combined company as more strongly positioned to leverage its content pipeline to pursue growth opportunities while maintaining a leadership position in linear video and has confidence that the merger will be completed, Morris tells investors. He raised his price target on Viacom shares to $35 from $31 and increased his price target on CBS shares to $59 from $57.