Jefferies Reiterates Buy, $45 PT on Verizon

Jefferies maintains its Buy rating and $45 price target on Verizon (NYSE: VZ) as it says the company's results for the fourth quarter were in line with revised expectations.

Jefferies says, "Verizon posted largely an in-line quarter based on the company's revised outlook. While the stock could continue to take a breather due to Verizon's historically high relative valuation, given the underlying momentum in Verizon's business and our view that the macro recovery remains tenuous, we reiterate our Buy rating and $45 price target. In our view, investors with longterm outlooks should use any weakness as a buying opportunity."

VZ closed at $38.40 a share yesterday.