Deutsche Bank Reiterates Buy Rating On CBS

On the cusp of CBS Corporation's CBS first analyst day since splitting from Viacom in 2006, Deutsche Bank is reiterating its Buy rating on the stock. “Overall, we believe the day will be a modest positive as investors gain visibility on current operating momentum and future growth potential,” Deutsche Bank writes. “We expect greater detail on (1) Advertising momentum; (2) Potential for Retransmission Consent Fees including Reverse Retrans coming to the network from CBS affiliates; (3) CBS network competitive position including detail on all dayparts. “(4) TV Production Content Cycle; (5) Syndication market particularly the sustainability of International Growth; (6) TV Stations advertising for the remainder of 2011 and beyond; (7) Radio ad outlook; (8) CBS's view on the future of content distribution, including some detail on the Netflix deal announced this week. “(9) Outdoor Margin Opportunity; (10) Simon & Schuster Content Cycle and Impact from Digital Delivery; (11) Film Strategy and tolerance for losses in that young business; (12) Importance of CNET in the asset mix; and (13) the sustainable pace of share repurchases weighed against acquisition opportunities.” CBS Corporation closed Wednesday at $21.76.