Verizon Communications (VZ) PT Raised to $68 at Tigress Financial Partners

Tigress Financial Partners analyst Ivan Feinseth raised the price target on Verizon Communications (NYSE: VZ) to $68.00 (from $67.00) while maintaining a Buy rating as accelerating momentum in wireless and broadband will drive further share price gains.

The analyst commented, "VZ continues to benefit from the ongoing rollout of its transformative 5G network as it will increasingly benefit from significant investments made in new wireless spectrum last year. VZ continues to roll out the most extensive ultra-wideband network with the highest speeds and expand nationwide coverage. VZ will increasingly benefit from its Network-as-a-Service strategy as it adds 5G home broadband access and mobile Edge computing, increasingly becoming an integral part of the growth of the Intelligent Edge Network. VZ is benefiting from strong consumer wireless and enterprise IT spending as companies continue building their network to support future business trends, including hybrid employee work models. VZ’s acquisition of precision positioning company SenionLab, along with its acquisition of Incubed IT, expands VZ’s robotic and automation capabilities for industrial applications, leveraging its 5G and Edge computing capabilities to develop new business opportunities for enterprises and new robotic automation opportunities. VZ’s increased focus on online content delivery, mobile video, and online advertising will increasingly become a significant growth driver. Positive wireless and wireline trends are driven by increasing IT spending, and ongoing 5G high-speed network rollout will drive a significant increase in Economic Profit over the NTM and further shareholder value creation. Our 12-month target price of $68 represents a potential gain of over 25% from current levels and, combined with VZ’s current dividend yield of 4.79%, represents a potential 12-month total return of close to 30%."

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