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Downgrade Alert for CBS (CBS)

By James Quinn

CBS (NYSE:CBS) was downgraded from Outperform to Market Perform at Telsey Advisory today. The stock closed yesterday at $50.07 on volume of 3.7 million shares, above average daily volume of 3.7 million.

CBS share prices have moved between a 52-week high of $63.95 and a 52-week low of $38.51 and closed yesterday at 30% above that low price at $50.07 per share. The 200-day and 50-day moving averages have moved 0.08% higher and 1.50% higher over the past week, respectively.

CBS Corporation is a multimedia company that operates broadcasting, television production, and publishing businesses. The Company operates television and radio stations, produces and syndicates television programs, publishes books, provides online content as well as provides outdoor advertising.

CBS has overhead space with shares priced $50.07, or 13.5% below the average consensus analyst price target of $57.90. The stock should find resistance at its 50-day moving average (MA) of $53.82, as well as support at its 200-day MA of $48.43.

SmarTrend recommended that its subscribers protect gains by selling shares of CBS on July 21st, 2016 by issuing a Downtrend alert when the shares were trading at $54.39. Since that call, shares of CBS have fallen 7.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades

Ticker(s): CBS