CBS stock downgraded

PaineWebber Inc. Thursday lowered its share rating of CBS Inc. to “neutral” from “attractive.”

Analyst Alan Gottesman based the downgrade on price. He said the stock’s upside potential was significantly reduced after Wednesday’s share-price runup of $ 19, or 7.7%, to 266.

Gottesman said the surge in CBS likely reflects the early success of David Letterman’s “Late Show,” which just began broadcasting on the network. He said that while continued success of the program will increase CBS’ profitability, those profits won’t begin to show up until next year. CBS closed Thursday at $ 258, down $ 8 per share.

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