UPDATE: Barrington Research Upgrades CBS Outdoor Americas

Barrington Research upgraded CBS Outdoor Americas Inc (NYSE: CBSO) to Outperform with a price target of $38 in a report issued Monday.

"For the third quarter, we estimate CBS Outdoor to report revenues of $336 million compared to our prior estimate of $345 million, a slight decline from the third quarter of 2013," according to analyst James C. Goss.

The report estimated "total company OIBDA of $118 million, up from last year on an aggregate basis after corporate overhead. This reflects a very small increase in domestic cash flow partly offset by lower international versus year‐ago levels. We expect second quarter EPS of $0.30."

Goss concluded that a "yield currently at 4.3 percent will be supplemented by special dividends and a one‐time purge payment likely early next year...Recent declines in the price of the stock restore the gap between current trading levels and our price target."

CBS Outdoor Americas Inc recently traded at $30.04, up 1.3 percent.