UPDATE: Morgan Stanley Raises PT on CBS Corp. to $28 (CBS)

Morgan Stanley is out with its report today on CBS Corp. CBS, raising its PT from $27 to $28. In a note to clients, Morgan Stanley writes, "Ratings strength at the CBS network, growing retransmission fees and key cost initiatives should lead to upside to consensus EPS over the next several years. Positive shift in earnings mix to a greater percentage of subscription revenues should increase earnings visibility over time. Our YE2011 price target of $28 is 13.7x 2012 EPS or 8.3x 2012 EV/EBITDA." Morgan Stanley maintains Overweight on CBS. Shares of CBS closed Tuesday at $25.03, down 0.16% from Monday's close.