Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Verizon Communications Analyst Turns Bullish, Expects Superior 2024 Performance Over T-Mobile, AT&T

Published 03/01/2024, 16:36
Updated 03/01/2024, 17:40
© Reuters.  Verizon Communications Analyst Turns Bullish, Expects Superior 2024 Performance Over T-Mobile, AT&T

Benzinga - by Priya Nigam, Benzinga Staff Writer.

Shares of Verizon Communications Inc. (NYSE: VZ) have been in focus following news of a merger between Dish Network (NASDAQ: DISH) and EchoStar (NASDAQ: SATS).

Contrary to peers, Verizon should deliver an improvement in postpaid phone net additions, despite a decline in market share, according to KeyBanc Capital Markets.

The Verizon Communications Analyst: Brandon Nispel upgraded the rating for Verizon Communications from Sector Weight to Overweight, with a price target of $45.

The Verizon Communications Thesis: The company is likely to report year-on-year improvements in postpaid phone net adds in every quarter in 2024, versus declines for T-Mobile US Inc (NASDAQ: TMUS) and AT&T Inc (NYSE: T), Nispel said in the upgrade note.

Check out other analyst stock ratings.

“We expect VZ's Consumer Broadband business to achieve 1.16M net adds in '23 and 1.03M in '24, which compares to our expectations for T of -170K in '23 and -96K in '24,” the analyst wrote. “We expect VZ to outperform T given VZ's growing FiOS (Fiber) and 5G Home (FWA) service, and relatively smaller amount of Non-Fiber (DSL and Other) customers,” he added.

“VZ EBITDA growth should go from 0% in '23 to >2% in '24, which would represent VZ's second fastest adj. EBITDA growth rate since 2018,” Nispel further stated.

VZ Price Action: Shares of Verizon were up 1.08% to $39.30 at the time of publication Wednesday.

Now Read: A Glitch In The Rally? Cruise Operators And Chip Stocks Targeted In Profit Taking

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Photo: Shutterstock

Latest Ratings for VZ

Jan 2022JP MorganDowngradesOverweightNeutral
Jan 2022Tigress FinancialMaintainsBuy
Dec 2021Daiwa CapitalInitiates Coverage OnNeutral

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.