CBS (CBS) is set to report Q4 earnings after the market closes on Thursday, February 14, with a conference call scheduled for 4:30 pm ET. CBS is a media company that operates entertainment, cable networks, publishing, local broadcasting, and outdoor segments... EXPECTATIONS: Analysts are looking for EPS of 69c on revenue of $3.79B, according to First Call. The consensus range for EPS is 65c-75c, on revenue of $3.7B-$3.96B... LAST QUARTER: CBS reported Q3 adjusted EPS of 65c against estimates for 61c, on revenue of $3.42B against estimates for $3.49B. On January 16, CBS announced that it will seek to convert its Outdoor Americas advertising unit into a real estate investment trust, or REIT. Following the news, shares of CBS surged over 7% to all-time highs. Earlier this week, CBS announced a content licensing agreement with Amazon (AMZN) that expanded the amount of CBS content that would be available for streaming via Amazon's Prime Instant Video Service... STREET RESEARCH: Street Research has been generally positive on CBS, with the company's plan to spin-off its Outdoor Americas unit into a REIT getting a broad and positive reception on the Street. Following the January announcement for its REIT spin-off plans, at least three firms raised their price target on CBS. Wedbush also upgraded the stock to Outperform from Neutral, following the REIT spin-off plans, raising its price target on shares to $50 from $36. On January 23, Wells Fargo reduced its Q4 EPS estimate for CBS, citing lower on demand and political revenue, though the firm maintained its Outperform rating on the stock... PRICE ACTION: Shares of CBS have gained more than 24% since the company's Q3 report. Shares of CBS are trading down about 0.5% in early afternoon trading ahead of its Q4 report.