Credit Suisse Group AG initiated coverage of CBS Corp. on Friday (1/20).
What does it think of the company set to spin off CBS Radio? It’s a great buy for investors.
In its first assessment of CBS Corp. shares, Credit Suisse assigned an “Outperform” rating — the highest one a company can get from a Wall Street analyst.
The price target assigned is $75. CBS shares were up 1.25%, to $63.41, at 2:44 p.m. Eastern on Friday, following the news of Credit Suisse’s initiation.
CBS shares have been on a meteoric rise in the last 12 months, and are just a few dollars below a five-year high of $67.14 reached on March 3, 2014.
The overall consensus on Wall Street for CBS is a positive one: The company has some 25 “Buy” ratings, and 5 “Hold” ratings. The consensus price target is presently $66.36 — and CBS seems on track to set a new five-year high.
Credit Suisse’s rating comes after Benchmark Co. on Jan. 13 reiterated its “Buy” rating, and after Pivotal Research analyst Brian Wieser downgraded CBS from “Buy” to “Hold” a day earlier.