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CBS Corp. shares have been getting a lot of Wall Street love lately, but one analyst downgraded them Thursday, citing concerns that they have run up too much on overly optimistic upfront expectations.
Caris & Co. analyst David Miller downgraded the stock to “below average” and maintained his price target of $6.
“The stock has gotten ahead of itself based on current fundamentals, particularly with regard to the upfronts, as high levels of chatter keep flying around that CBS will win meaningful (ad rate) increases from media buyers,” he said.
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