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Wells Fargo analyst Steven Cahall upgraded ViacomCBS (VIAC) to Overweight from Equal Weight with a price target of $60, up from $45.

The analyst says the company's streaming efforts are "bearing fruit and have impressed us," so he's moving from "historical bears to constructive bulls."

The upcoming slate for Paramount+ should maintain the ViacomCBS's momentum, and the company is "one of the better bets for industry consolidation," Cahall tells investors in a research note. A "Hulu-esque valuation" for streaming drives the analyst's $60 price target.