Bernstein cuts CBS to Underperform on merger disappointment [Seeking Alpha]
CBS (CBS)
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Source: Seeking Alpha
Bernstein cuts CBS to Underperform on merger disappointment - CBS Corporation (NYSE:CBS) | Seeking Alpha M&A Bernstein cuts CBS to Underperform on merger disappointment Aug. 13, 2019 5:48 PM ET | CBS Corporation (CBS) Jason Aycock "What a shame," Bernstein's Todd Juenger says of the finally consummated CBS-Viacom merger deal He also cut his price target on the stock to $46 from $62, implying 5.5% downside from today's close. "We believe whatever synergies are produced (we assume ~$750mm) will pale in comparison to CBS shareholders inheriting Viacom’s structural problems," Juenger says, adding that plans to invest in a broader direct-to-consumer offering will be "wasted building a product that no one wants." The Street overall is still bullish at the moment, rating CBS Outperform on average Seeking Alpha authors are Bullish Quant Rating of Neutral up 1.4% down 0.4% VIA -5.6% VIAB +2.4% Click to subscribe to real-time analytics on CBS Now read: Digital Turbine (APPS) Presents At Canacc
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