Verizon Communications Stock Rating Reaffirmed by Wells Fargo & Co. (VZ)
Verizon Communications (NYSE:VZ)‘s stock had its “outperform” rating reiterated by research analysts at Wells Fargo & Co. in a report released on Friday, American Banking News reports.
The analysts wrote, “VZ reported solid Q3 2013 results characterized by solid wireless margins and service revenue growth. We are raising our estimates and forecasts. Our new FY2013 revenue and EPS estimates are $120.4B and $2.79 vs. $120.2B and $2.74 prior. Our FY2014E revenue and EPS are $125.8B and $3.47 vs. $125.6B and $3.49 prior. Despite the changing wireless landscape, we continue to believe VZ has a strong path to continue to see wireless margin expansion. On the wireline side, while enterprise continues to be weaker, the consumer business continues to show nice top line growth. We would expect to see an overall lift in wireline margins in 2014. We reiterate our Outperform rating on the shares and our valuation range of $54-57.”
Verizon Communications (NYSE:VZ) opened at 48.90 on Friday. Verizon Communications has a one year low of $40.51 and a one year high of $54.31. The stock has a 50-day moving average of $47.17 and a 200-day moving average of $49.6. The company has a market cap of $139.9 billion and a price-to-earnings ratio of 89.56. Verizon Communications also saw some unusual options trading activity on Wednesday. Traders bought 30,534 call options on the company. This represents an increase of 121% compared to the average volume of 13,838 call options.
Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, October 17th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.02. The company had revenue of $30.28 billion for the quarter, compared to the consensus estimate of $30.17 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts expect that Verizon Communications will post $2.75 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank upgraded shares of Verizon Communications to a “buy” rating in a research note to investors on Friday. Finally, analysts at BMO Capital Markets cut their EPS estimates on shares of Verizon Communications in a research note on Tuesday. They now have an “outperform” rating and a $55.00 price target on the stock. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.98.
Verizon Communications Inc (NYSE:VZ) is a holding company.
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