Citi analyst Jason Bazinet lifted Viacom Inc.'s rating to "neutral" from "sell," TheFly.com reported March 28.

The analyst, who thinks there is a 50% probability of a merger between Viacom and CBS Corp., also lifted the price target on the company's shares to $30 from $26.

CBS Corp. and Viacom's respective boards reportedly plan to meet this week to discuss the valuations of both companies.