UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on Verizon
In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating on Verizon Communications (NYSE: VZ), and raised its price target from $50.00 to $52.00.
Oppenheimer Holdings noted, “In light of lower iPhone 5 subsidies, we are raising our price target for Verizon by two dollars. The iPhone 5 launch was slightly weaker than expected; inventory looks somewhat constrained for 4Q and a significant portion of iPhone5 sales went un-subsidized. In addition, we are entering a seasonally strong period for the carriers, which we expect the market to recognize. We also believe that a Republican victory could boost stock prices in the form of lower taxes on dividends and less regulation from the FCC.”
Verizon Communications closed on Tuesday at $45.62.
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Tags: Oppenheimer Holdings