David Stahl
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'Star Trek' Licensing Deal To Help CBS Live Long And Prosper, But UBS Still Says Sell

CBS Corporation  reported its second quarter results which came in better than expected. However, Doug Mitchelson of UBS maintained a Sell rating on the company with a $52 price target.

Mitchelson stated in a note that CBS' earnings beat was due to content licensing; however, second quarter advertising revenue at CBS Network was just 2 percent – short of the 5.5 percent expectation.

Bottom line, CBS' stock is already trading at a 9.7x EV/2016 estimated EBITDA, which is a premium to the sector's average multiple of 9x.