UPDATE: Nomura Equity Research Upgrades Verizon Communications to Buy, Raises PT

In a report published Monday, Nomura Equity Research upgraded its rating on Verizon Communications

from Neutral to Buy, and raised its price target from $49.00 to $50.00. Nomura Equity Research noted, “We are upgrading Verizon to Buy from Neutral and raising our target price to $50 from $49. We believe Verizon Wireless‘s superior execution will continue to drive higher profitably, with competitive risks more a concern for the low end of the wireless market. The US wireless landscape has become bifurcated, and we don‘t believe Verizon Wireless will suffer from increased competition from a better capitalized Sprint, or a merged PCS-T-Mobile. While Verizon Wireline has delivered worse EBITDA performance than peers in 2012, we believe it is well positioned for the future. Verizon generates 70% of proportionate EBITDA from Wireless, a better business mix than peers. Verizon‘s 4.5% dividend yield should also provide support for the shares.” Verizon Communications closed on Friday at $44.12.