Market Overview

UPDATE: JP Morgan Initiates Coverage on Verizon Communications

Share:

In a note released Tuesday, JP Morgan initiated coverage on Verizon Communications (NYSE: VZ) with an Overweight rating and announced a $57 price target.

Looking at the current value of Verizon shares, the telecom services, cable and satellite analyst team at JP Morgan weighed in stating, "With the stock currently trading with a 4.6 percent dividend yield and 12.1x 2015 EPS vs the S&P 500 at 2 percent dividend yield and 14.0x 2015 we see today's $46.23 as a very attractive risk-reward for a high-quality asset in the telecom space." The team noted that there is a possible risk that wireless growth could slow due to increased competition, primarily from AT&T, but believes fears about recent price competition are "overblown". To account for this risk, the team has built in slower 2014 service revenue growth (6.2 percent vs. 8.3 percent in 2013)

At last check, Verizon was trading up about half a percent at $46.50.

Latest Ratings for VZ

DateFirmActionFromTo
Nov 2019DowngradesBuyHold
Nov 2019DowngradesBuyNeutral
Oct 2019Initiates Coverage OnMarket Perform

View More Analyst Ratings for VZ
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color News Price Target Initiation Analyst Ratings

 

Related Articles (VZ)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
ABBVUBSMaintains96.0
PSABank of AmericaDowngrades
AMSWAB. Riley FBRDowngrades17.0
AIHCantor FitzgeraldInitiates Coverage On13.0
AMEGordon HaskettInitiates Coverage On125.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

'Siri' vs. 'I Robot': Apple Suing China

Exclusive: 1-800-FLOWERS.COM CEO James McCann On Organic Growth And Acquisitions