NEW YORK (TheStreet) -- CBS (CBS) - Get Report stock earnings estimates were raised for fiscal 2016 to $4.07 from $4.03 and for fiscal 2017 to $4.46 from $4.43 at Nomura this morning, after reporting fiscal 2016 second quarter results on Thursday. 

The firm has a $66 price target and "buy" rating on the stock. 

After the market close, CBS reported adjusted earnings of 93 cents on revenue of $3.29 billion, vs. Wall Street's estimates of 86 cents on revenue of $3.21 billion. 

Nomura called the New York-based broadcast television network the "apple of our eye" as the company topped the firm's own earnings estimates of 86 cents with "upside driven by out-performance across both the Entertainment and Local segments."

The firm said it was "surprised" that All Access and Showtime have gained over 2 million over-the-top subscribers combined. "This implies CBS is pacing well ahead of our estimates towards the company's goal of 8 million subscribers by 2020," Nomura wrote. 

The "buy" rating is a result of "attractive valuation, strong TV ad demand, and robust recurring revenue," the firm said. 

Shares of CBS are down 3.30% to $52.42 in mid-morning trading. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate CBS CORP as a Buy with a ratings score of B. This is driven by multiple 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, impressive record of earnings per share growth, increase in net income and good cash flow from operations. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: CBS

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