UPDATE: Morgan Stanley Resumes Coverage on Verizon Communications with Overweight Rating, $52 PT on Good Market Position

In a report published Thursday, Morgan Stanley analyst Simon Flannery resumed coverage on Verizon Communications VZ with an Overweight rating and $52.00 price target. In the report, Morgan Stanley noted, “Valuation looks attractive, as the market seems to be pricing in the impact of the flow back (Vodafone distributed ~1,275m shares to shareholders). Wireless competition is a risk, but we believe that Verizon is best positioned. Our $52 price target offers ~17% total return.” Verizon Communications closed on Wednesday at $46.35.