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In a report published Tuesday, Morgan Stanley analyst Simon Flannery reiterated an Overweight rating on
Verizon CommunicationsVZ, but removed the $52.00 price target.
In the report, Morgan Stanley noted, “Verizon management struck a constructive tone at a recent meeting with sell side analysts. Strong financial performance should continue, while operational metrics should improve going forward. A significant part of the discussion centered on the quarterly earnings, and the subsequent market sell-off. Management indicated that network issues late last year, and competitive actions, drove low end wireless churn, but metrics started to improve through the quarter, and, hopefully, 1Q churn represents a high water mark.”
Verizon Communications closed on Monday at $46.60.
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