Credit Suisse Raises PT on Viacom to $44 (VIAB)

Credit Suisse is out with its report today on Viacom (NYSE: VIAB), raising its PT from $39 to $44.

In a note to clients, Credit Suisse writes, "Viacom reported FY1Q11 EPS of $1.02 vs. $1.14, a penny above our $1.01 estimate, driven by largely in-line operating results and below the line benefits, including higher than expected equity income and a lower than expected tax rate ($0.04 per share vs. our est.). Currently, VIAB is trading at 12x FY11 EPS. Flowing through our estimates to our DCF model, we are raising our
price target to $44 from $39."

Credit Suisse maintains Neutral on VIAB.

At the time of posting, shares of VIAB were trading at $43.87, up 0.73% from Thursday's close.