Argus Upgrades Verizon Communications (VZ) to Buy; Financial Strength, Dividend, 4G, and iPhone Rumors

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Argus upgrades Verizon Communications (NYSE: VZ) from Hold to Buy. PT $39.

Argus analyst says, "While VZ's valuation multiples are higher than those of peers, as has typically been the case, the stock is now trading near or below the low end of
its historical average range for price/sales and price/EBITDA. Verizon is launching its 4G LTE network upgrade in late 2010, ahead of AT&T (NYSE: T) and most other carriers. Rumors continue to swirl about an expected Verizon Wireless iPhone (Nasdaq: AAPL) in early 2011. We think a Verizon Wireless iPhone would be positive for Verizon since it would, at a minimum, capture a part of the growing iPhone market and would likely woo some, perhaps even many, AT&T iPhone users. However, if Verizon does not get the iPhone, VZ shares could be in for a negative surprise."

Shares finished at $33.03 yesterday and the 52-wk trading range is $25.99 - 34.13.

To see all the upgrades/downgrades on shares of VZ, visit our Analyst Ratings page.

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