UPDATE: Piper Jaffray Upgrades Verizon Communications to Overweight on Assets, Reset Expectations
Piper Jaffray upgraded Verizon Communications (NYSE: VZ) from Neutral to Overweight and raised the price target from $45.00 to $50.00.
Piper Jaffray said, "We are upgrading Verizon to Overweight and increasing our target price to $50. Our upgrade is based on a number of factors that bode well for 2013 results: Verizon's best-in-class wireless network continues to help the company win share even with a price premium, the weaker 4Q print could set the company up well to beat reset 2013 expectations, we expect the company to have financial flexibility (read: returning cash to shareholders) in 2013, and wireline margins could improve. Because of these factors, we expect Verizon to outperform over the next 12 months."
Verizon Communications closed at $43.61 on Thursday.
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