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This morning, Jefferies & Co. upgraded television network CBS Corp. (CBS), elevating the media company to buy from hold. Jefferies also upped CBS's price target to $16 from $12. According to the broker, CBS's recent strength in ad pricing indicates that more advertisers are likely to pay upfront for advertising time. This likelihood means that the company should not face uncertainty and need to resort to higher prices due to the scatter market. The brokerage cited the fact that the third quarter of 2009 saw companies purchasing ads mere days away from the commercial's air time. This time window is now closer to four weeks. Jefferies stated, "We further note that CBS has one of the only good stories to tell advertisers with ratings up at the network."
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