Bernstein Upgrades Verizon

Bernstein Research analyst Craig Moffett has boosted his rating on Verizon (NYSE: VZ) to "underperform" from "neutral" and boosted his price target on the stock to $27 from $25.

Moffett said both Verizon and rival AT&T (NYSE: T) have underperformed the market over the last year and Verizon now trades at a 13% discount to the broader market.

If Verizon were to get its hands on the iPhone, “subscriber growth would swing decisively from AT&T to Verizon," Moffett said.