CBS Corporation reported its second quarter results which came in better than expected. However, Doug Mitchelson of UBS maintained a Sell rating on the company with a $52 price target.Mitchelson stated in a note that CBS' earnings beat was due to content licensing; however, second quarter advertising revenue at CBS Network was just 2 percent – short of the 5.5 percent expectation.Bottom line, CBS' stock is already trading at a 9.7x EV/2016 estimated EBITDA, which is a premium to the sector's average multiple of 9x.Source