UPDATE: Morgan Stanley Color on CBS Target Increase

Morgan Stanley, which raised its PT on shares of CBS CBS, is providing some color on the stock. “We reiterate our OW rating and raise our Price Target to $33,” Morgan Stanley writes. “CBS continues to benefit from company-specific growth drivers beyond advertising (structural cost reductions, content library monetization, growing re-transmission fees, etc), driving a higher and more stable earnings level over time. “We expect CBS to deliver ~10% EBIT growth annually over the next 2-3 years, with an EPS CAGR of ~40% in ‘11/'12, well ahead of Media peers.” CBS closed Friday at $28.55.