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Stock analysts at Canaccord Genuity boosted their target price on shares of Verizon Communications (NYSE:VZ) from $55.00 to $56.00 in a report issued on Wednesday. Canaccord Genuity’s price target suggests a potential upside of 9.85% from the stock’s previous close.

Shares of Verizon Communications (NYSE:VZ) opened at 50.98 on Wednesday. Verizon Communications has a 1-year low of $45.08 and a 1-year high of $51.94. The stock has a 50-day moving average of $49.65 and a 200-day moving average of $48.10. The company has a market cap of $211.1 billion and a P/E ratio of 11.33.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $0.91 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.90 by $0.01. The company had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $31.10 billion. During the same quarter last year, the company posted $0.73 earnings per share. Verizon Communications’s revenue was up 5.7% compared to the same quarter last year. On average, analysts predict that Verizon Communications will post $3.52 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $58.00 to $59.00 in a research note on Wednesday. Finally, analysts at BTIG Research initiated coverage on shares of Verizon Communications in a research note on Tuesday, July 1st. They set a “buy” rating and a $60.00 price target on the stock. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $52.60.

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

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