Verizon Communications (VZ) PT Lowered to $55 at Raymond James

Raymond James analyst Frank Louthan lowered the price target on Verizon Communications (NYSE: VZ) to $55.00 (from $64.00) while maintaining an Outperform rating following results.

The analyst commented, "We remain at Outperform on shares of Verizon (VZ) following 2Q results. The name remains highly defensive and trades near all-time low valuation, making the total return story compelling for patient investors. The longer term fundamentals of Verizon remain in good shape, with consistent results and predictable, recurring revenue, and we believe the impact for the guide will be quickly reflected in the shares. The mostly domestic, stable recurring revenue at Verizon should make it a safe haven for investors over the next 12 months, and with a ~5.8% yield, it remains attractive."

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