- Odds of a reunion between CBS and Viacom (VIA, VIAB) will be close to zero for years, says Bernstein's Todd Juenger in upgrading CBS to Outperform.
- CBS shares are up 1.4% premarket.
- CBS sued parent company National Amusements in a bid to block re-merging the companies, in defiance of the will of Shari Redstone.
- In the upgrade, Juenger says there's the opportunity to capture a reversal to form of a dislocation in CBS share prices due to the "perceived threat of a value-destroying transaction." (h/t Bloomberg)
- He's boosted his price target on CBS to $65, from $56, implying 21% upside. His price target on VIAB is $26, down from $29 and implying 9.5% downside.
- VIAB is down 1.5% premarket.
- Previously: CBS sues Redstone firm over dilutive dividend, endangering Viacom deal (May. 14 2018)
- Previously: National Amusements to CBS: See you in court (May. 14 2018)
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Original article