Collins Stewart Maintains Neutral, $36 PT on Verizon

Collins Stewart reiterates its Neutral rating and $36 target price on Verizon (NYSE: VZ) as it adjusts the company's estimates based on its iPhone strength.

Collins Stewart says, "We are adjusting our 4Q11 and FY2011 EPS estimates following the conversation at an investor conference earlier this month. With greater than expected iPhone sales in 4Q11 and with a delay in the recovery of wireline margins, we now believe a $0.52 number for the quarter is more likely that our prior $0.56 estimate."

VZ closed at $39 yesterday.