UPDATE: Nomura Securities Upgrades Verizon Communications (VZ) to Buy; Superior Execution

December 3, 2012 6:40 AM EST
Get Alerts VZ Hot Sheet
Price: $52.55 --0%

Rating Summary:
    16 Buy, 25 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - December 3, 2012 9:06 AM EST)

Nomura Securities upgraded Verizon Communications (NYSE: VZ) from Neutral to Buy and raised their price target from $49 to $50.

"We believe Verizon Wireless's superior execution will continue to drive higher profitably, with competitive risks more a concern for the low end of the wireless market," analyst Mike McCormack comments. "The US wireless landscape has become bifurcated, and we don’t believe Verizon Wireless will suffer from increased competition from a better capitalized Sprint, or a merged PCS-T-Mobile. While Verizon Wireline has delivered worse EBITDA performance than peers in 2012, we believe it is well positioned for the future. Verizon generates 70% of proportionate EBITDA from Wireless, a better business mix than peers. Verizon's 4.5% dividend yield should also provide support for the shares."

FY12E sets EPS at $2.46; FY13E was raised EPS from $2.84 to $2.89.

For an analyst ratings summary and ratings history on Verizon Communications click here. For more ratings news on Verizon Communications click here.

Shares of Verizon Communications closed at $44.12 yesterday.

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