Fly News Breaks for October 18, 2019
Oct 18, 2019 | 05:32 EDT
Imperial Capital analyst David Miller lowered his price target for CBS (CBS) to $59 from $62 while keeping an Outperform rating on the shares. The analyst reduced his earnings estimates for both fiscal 2019 and 2020 due to new CBS "stand-alone" EBITDA forecasts issued yesterday in a regulatory filing. For CBS as a stand-alone entity, non-proforma, the company is maintaining its guidance of "high-single digit growth" and extending that guidance through fiscal 2023, says the analyst. The previous guidance only officially went through fiscal 2021, he notes. Miller adds that CBS stated that 2019 will end with EBITDA of $3.24B, "measurably below" what he had modeled for 2019.
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