• Los Angeles Times, Thursday, March 19, 2009 9:16 AM

Like most media stocks, CBS shares have slumped badly amid the recession. That's true even though the company's core TV network is growing, and it scored the season's top new show, "The Mentalist."

Wall Street may finally be changing its tune. Caris & Co. analyst David Miller upgraded CBS stock, arguing that the recent share price below $4 reflects roughly the value of its Showtime pay-cable channel, without even weighing the value of the CBS broadcast network and other assets.

CBS is the only broadcast network that has seen ratings grow this season. The network is averaging 11.8 million total viewers to date, up 12% compared with the same period last year. By comparison, NBC and ABC have both slipped 4%; Fox, has plunged 18%

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