CBS (CBS) is expected to report Q3 earnings after the market close on Wednesday, November 7 with a conference call scheduled for 4:30 pm ET. Analysts are looking for EPS of 61c on revenue of $3.49B. The consensus range is 57c-64c for EPS, and $3.44B-$3.59B for revenue, according to First Call. CBS should continue to benefit from a strong advertising climate, bolstered by political spending. International licensing,revenues from digital streaming and retransmission/reverse compensation should also be positives in Q3. Negative catalysts for the media company may be seen coming from a general macro economic slowdown. On November 5, Evercore upgraded CBS to Overweight from Equal Weight, citing valuation. Also on November 5, Barclays upgraded CBS to Overweight from Equal Weight, citing valuation, attractive free cash flow, and premium assets. The firm raises its price target to $42 from $40.
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