Earnings Preview: CBS Corp.

CBS (CBS) is expected to report Q2 earnings before market open Thursday, July 31, with a conference call scheduled for 8:30 am ET.

Guidance

Analysts are looking for EPS of 52c on revenue of $3.41B. The consensus range for EPS is 48c to 57c, while the consensus range for revenue is $3.31B to $3.49B, according to First Call.

Analyst Views

CBS completed its acquisition of CNET on June 30. Investors will probably be trying to determine how well CBS is integrating CNET so far, and whether CBS's plans for CNET have changed over the last few weeks.

Two research firms recently issued pessimistic notes on CBS. Caris initiated CBS with an Average rating and an $18 target. The firm believes CBS' four core businesses grew anemically in Q2, and they note that the company is heavily exposed to the slumping advertising market. The firm believes that CBS Radio's revenue will decline in 2008. Meanwhile, Goldman Sachs initiated CBS with a Sell rating and a $16 target on July 25.