NEW YORK, February 6 (FinanceEnquiry.com) - Analyst Tuna Amobi of S&P Capital IQ reiterates his BUY rating on the B shares of CBS Corp (NYSE: CBS). The target price is set to $35.

In a research note published yesterday, the analyst mentions that CBS is on track for the likely ramp up of more than $2.3 billion of FCF in 2012 from $2 billion in 2011, with $1 billion in cash and $2 billion in revolver. CBS’ substantial financial flexibility is underscored by a 1.7X Debt/EBITDA ratio (vs. 2.5X-3.0X target), the analyst says. The analyst expects significant efforts to diversify CBS’ core traditional advertising base, increasingly capitalizing on a rare confluence of attractive incremental opportunities. The EPS estimates for 2012 and 2013 are reiterated at $2.36 and $2.67, respectively. The company offers a 1.4% dividend yield.