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Shares of CBS Corporation (CBS - Analyst Report) recorded a new 52-week high of $52.46 yesterday, before closing at $51.26, rising approximately 31% year to date. Based on the current price, CBS Corporation is 3% above the Zacks Consensus average analyst price target of $49.78.

Moreover, this diversified media conglomerate currently trades at a forward P/E of 16.9x, at par with the peer group average. Additionally, the company’s long-term estimated EPS growth rate is 10.7%, which is healthy.

The shares of CBS Corporation are seeing an uptrend since the company declared impressive bottom-line results for the first quarter of 2013. The quarterly earnings came in at 73 cents a share, which handily surpassed the Zacks Consensus Estimate of 68 cents and jumped 23.7% from 59 cents earned in the year-ago quarter.

Going forward, CBS Corporation remains well positioned to drive growth in the coming quarters through its strategic initiatives focused on increasing subscription-based revenue channels. The company remains optimistic and expects the growth momentum to continue in 2013, based on reverse compensation from affiliates, strong demand of its content, digital distribution, syndication sales and retransmission consent.

Moreover, CBS continues to benefit from its streaming deals with Netflix, Inc. (NFLX - Analyst Report) and Amazon.com Inc. (AMZN - Analyst Report), as evident from the company’s strong double-digit growth in streaming revenues during the last reported quarter.

Alongside, to boost its growth prospects in the cable television market, the company acquired 50% stake in TVGN, TV Guide Network’s pay channel, and the website TVGuide.com from JPMorgan Chase & Company's (JPM - Analyst Report) One Equity Partners.

Currently, shares of CBS Corporation carry a Zacks Rank #2 (Buy).

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