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Verizon Communications (NYSE:VZ)‘s stock had its “overweight” rating restated by investment analysts at Morgan Stanley in a note issued to investors on Tuesday. They currently have a $54.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 9.87% from the company’s current price.

The analysts wrote, “Verizon has to balance shareholder returns with cash needs for the upcoming spectrum auctions. We estimate that Verizon could spend ~$6 billion for 20 MHz of spectrum in the AWS-3 spectrum auction (based on 96c per MHz-POP, per recent transactions),and the company may need to retain flexibility for the broadcast incentive spectrum auction, targeted for next year. Meanwhile, we continue to face uncertainty around bonus depreciation, which would provide some near term cash relief. Our bear case assumes that Verizon does not raise the dividend, which would lower the 2015e net income payout ratio to 55%, from 60% in 2014e.”

Several other analysts have also recently commented on the stock. Analysts at Macquarie downgraded shares of Verizon Communications from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. They now have a $53.00 price target on the stock, up previously from $52.00. They noted that the move was a valuation call. Separately, analysts at FBR Capital Markets upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 24th. They now have a $57.00 price target on the stock, up previously from $55.00. Finally, analysts at Raymond James reiterated an “outperform” rating on shares of Verizon Communications in a research note on Wednesday, July 23rd. They now have a $55.00 price target on the stock, up previously from $54.00. Six investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $53.30.

Shares of Verizon Communications (NYSE:VZ) traded down 0.12% during mid-day trading on Tuesday, hitting $49.09. 2,609,269 shares of the company’s stock traded hands. Verizon Communications has a 52-week low of $45.08 and a 52-week high of $53.66. The stock’s 50-day moving average is $49.85 and its 200-day moving average is $48.4. The company has a market cap of $203.5 billion and a price-to-earnings ratio of 10.60.

Verizon Communications (NYSE:VZ) last released its 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. Analysts expect that Verizon Communications will post $3.55 EPS for the current fiscal year.

In other Verizon Communications news, EVP Randal S. Milch unloaded 2,966 shares of Verizon Communications stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $48.92, for a total value of $145,096.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

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