UPDATE: Piper Jaffray Raises PT on CBS to $34

Piper Jaffray is out with its report today on CBS CBS, raising its PT from $32 to $34. In its report, Piper Jaffray writes, "CBS reported strong results, easing past our EPS estimates and consensus. The company reported Q2 revenues, OIBDA and EPS of $3.6B, $873M and $0.58 respectively, versus our forecast of $3.6B, $793M and $0.45. Key drivers included solid revenue growth, growth of higher margin revenue streams (retrans, output deals, etc.), and lower sports programming costs. CBS is outperforming operationally, boosting returns, increasing visibility, and gaining momentum in its business model shift. We are raising estimates and price target to $34 and reiterate our OW rating." At the time of posting, shares of CBS were trading pre-market at $26.59, up 1.18% from Tuesday's close.