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

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Canaccord Genuity upgraded Verizon Communications (NYSE: VZ) 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.

Latest Ratings for VZ

DateFirmActionFromTo
Apr 2017ArgusDowngradesBuyHold
Apr 2017SunTrust Robinson HumphreyInitiates Coverage OnHold
Jan 2017Evercore ISI GroupInitiates Coverage OnHold

View More Analyst Ratings for VZ
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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