Analysts surveyed by FactSet are looking for the New York City-based media company to report adjusted earnings of 98 cents per share on revenue of $3.34 billion.
In the year-ago quarter, CBS posted adjusted earnings of 88 cents per share on revenue of $3.56 billion.
Pacific Crest said recently that it expects CBS's third quarter results to be in line with estimates, with revenue growth "driven primarily by higher advertising and re-transmission revenues."
The firm added that more focus will be placed on the possibility of a merger between CBS and media company Viacom (VIAB).
CBS spun-off from Viacom in 2005, but the companies have been considering recombining in the past months. Both CBS and Viacom recently appointed special committees to evaluate a potential deal.
Pacific Crest said that the lack of alternatives for Viacom makes the deal "likely," adding that CBS will have "solid negotiating leverage to gain full control to dispose of Viacom assets if it chooses, including Paramount."
The firm has a "sector weight" rating on CBS stock.
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 rated this stock as a "buy" with a ratings score of B.