UPDATE: Credit Suisse Initiates Coverage on Verizon Communications with Neutral Rating, $52 PT on Near-Term Downside Risk

In a report published Wednesday, Credit Suisse analyst Joseph Mastrogiovanni initiated coverage on

with a Neutral rating and $52.00 price target. In the report, Credit Suisse noted, “While Verizon has outperformed in wireless and fiber investments are stabilizing wireline, we see more downside risk over the next 12 months than opportunity for upside. The company is trading at the middle to high end of its historical range on 12-month forward P/E and EV/EBITDA and at a premium to peers, already reflecting its superior performance.” Verizon Communications closed on Tuesday at $48.57.