UPDATE: Canaccord Genuity Upgrades Verizon Communications to Buy on Improved 2013 Outlook

Canaccord Genuity upgraded Verizon Communications

from Hold to Buy and increased its price target from $47.00 to $50.00. Canaccord Genuity noted, "With subscriber momentum clearly in its favor and with a big lead in its 4G deployment, we believe Verizon's wireless business is now stronger than ever before and expect 2013 wireless margins to be a record-setting 49-50% or more. … We expect continued modest improvement in wireline margins with revenue pressures from global wholesale and enterprise equipment sales abating as well. Even without an economic improvement, we expect 2013 will be a better year for the wireline business." Verizon Communications closed at $42.94 on Tuesday.