CBS is expected to report Q3 earnings after the market close on Thursday, November 3 with a conference call scheduled for 4:30pm ET.
Analysts are looking for EPS of 46c on revenue of $3.43B. The consensus range is 42c-50c for EPS, and $3.36B-$3.54.B for revenue, according to First Call. Positive catalysts continue to be favorable ad rates, a pick-up in political advertising, growth in retrans, restructuring efficiencies and international TV syndication. On its Q2 earnings conference call the company said the company is operating from a "clear position of strength." At an industry conference in late September, CEO Les Moonves said advertising numbers are "terrific." Negative catalysts may be seen coming from a possible pullback in ad spending from global slowdown fears.
On October 5, Citigroup upgraded CBS toBuy from Hold, citing the pullback in shares and maintained a $27 price target for the name. On November 1, Caris raised its price target to $31 from $25, citing weakening headwinds. The firm maintained an Above Average rating on shares