Bank of America Merrill Lynch Reiterates Buy on CBS

Bank of America Merrill Lynch is out with its report today on CBS CBS, reiterating Buy. In a note to clients, Bank of America Merrill Lynch writes, "Despite the absence of the Super Bowl and even-year political dollars in CY11E, CBS' underlying adv. strength, improved cost structure and rising subscription fees provide a solid bridge to higher earnings potential in CY12, while capital returns/asset sale potential support shares. We Reiterate our Buy and $31 PO based on a target P/E multiple of 17x CY11E ." Shares of CBS closed Thursday at $28.49, up 0.46% from Wednesday's close.