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CBS Stock Slumps on Ratings Downgrade

NEW YORK (TheStreet) -- Shares of CBS (CBS) are declining 2.88% to $56.27 in mid-afternoon trading on Friday after UBS cut its rating on the stock to "sell" from "neutral."

The firm maintained its $52 price target on shares of the New York City-based media giant.

CBS stock has advanced so far this year given strength in national TV advertising and optimism about management's long-term estimates for re-transmission consent revenue and CBS All Access and Showtime OTT subscribers, UBS wrote in a note cited by

But the macro backdrop doesn't support continued TV advertising strength, and national...