For the first time since August, CBS Corp. shares closed above the $60 mark — marking a strong resurgence for the media company since last Tuesday.
Just six days ago, CBS shares were trading in the mid-$54 range — a blip downward that began in early September following a $67.43 peak hit in late July.
The close could mark the start of an important end-of-year surge for CBS shares, which spent much of the spring months above $66 a share.
CBS’s one-year target estimate is a lofty $70.82 — a price it got close to on March 1 but never achieved.
At the Closing Bell on Friday, CBS was up 5.25%, to $60.10.
In other media company activity on Wall Street:
- Entercom shares fell 1.1%, to $11.70, as the company consolidated its Country audience in Seattle with a format change at KMPS-FM 94.1 after nearly 40 years on the air.
- The publicly traded “stub” of iHeartMedia shares were down 7.6%, to 75 cents.
For a full look at today’s activity on Wall Street please see the Wall Street Report on the homepage of RBR.com.