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Research analysts at Bernstein started coverage on shares of Verizon Communications (NYSE:VZ) in a report released on Wednesday. The firm set an “outperform” rating and a $57.00 price target on the stock. Bernstein’s price target would indicate a potential upside of 15.92% from the company’s current price.

Verizon Communications (NYSE:VZ) traded up 1.07% on Wednesday, hitting $49.17. The stock had a trading volume of 13,908,853 shares. Verizon Communications has a 52-week low of $45.08 and a 52-week high of $52.43. The stock’s 50-day moving average is $47.6 and its 200-day moving average is $48.03. The company has a market cap of $203.6 billion and a P/E ratio of 10.87. Verizon Communications also was the recipient of a significant decrease in short interest in April. As of April 30th, there was short interest totalling 38,576,719 shares, a decrease of 12.3% from the April 15th total of 43,979,164 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 23,464,094 shares, the short-interest ratio is presently 1.6 days.

Verizon Communications (NYSE:VZ) last announced its earnings results on Thursday, April 24th. The company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by $0.03. The company had revenue of $31.82 billion for the quarter, compared to the consensus estimate of $30.70 billion. During the same quarter in the previous year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, analysts predict that Verizon Communications will post $3.54 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Verizon Communications in a research note on Friday, May 9th. They now have a $51.00 price target on the stock. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Verizon Communications in a research note on Tuesday, April 29th. Finally, analysts at Ned Davis Research upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Monday, April 28th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $51.65.

Verizon Communications Inc (NYSE:VZ) is a holding company.

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