NEW YORK (TheStreet) -- CBS (CBS) - Get Report stock is down 0.82% to $61.95 in early morning trading Thursday after Deutsche Bank initiated coverage with a "hold" rating and a price target of $67. 

The TV ad market will be flattish this year and for the next few years as audience measurement and changes in the ad model itself play catch up to consumer behavior and advertiser demands, and some TV ad spend shifts to mobile/social, Deutsche Bank said.

Although CBS is becoming less dependent on advertising with each passing year as affiliate and licensing revenues grow, advertising will still be about half of CBS' total revenue this year, analysts estimated. 

"CBS is strategically well-positioned as the best programmed broadcast network, in our view, with a full syndication/licensing pipeline to benefit from secular growth in international pay TV and global Subscription Video on Demand (SVoD) markets," the firm said, adding that they think CBS' core advertising revenue will grow about 2% this year, higher than analysts'  industry advertising forecast. 

Separately, TheStreet Ratings team rates CBS CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CBS CORP (CBS) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Despite its growing revenue, the company underperformed as compared with the industry average of 6.5%. Since the same quarter one year prior, revenues slightly increased by 3.1%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
• The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Media industry and the overall market, CBS CORP's return on equity exceeds that of both the industry average and the S&P 500.
• Net operating cash flow has significantly increased by 78.48% to $987.00 million when compared to the same quarter last year. The firm also exceeded the industry average cash flow growth rate of 47.54%.
• CBS CORP has improved earnings per share by 11.6% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, CBS CORP reported lower earnings of $2.39 versus $2.79 in the prior year. This year, the market expects an improvement in earnings ($3.60 versus $2.39).
• 39.31% is the gross profit margin for CBS CORP which we consider to be strong. Regardless of CBS's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, the net profit margin of 11.21% trails the industry average.
• You can view the full analysis from the report here: CBS Ratings Report