Verizon Communications (VZ) PT Raised to $49 at Citi

Citi analyst Michael Rollins raised the price target on Verizon Communications (NYSE: VZ) to $49.00 (from $47.00) while maintaining a Buy rating.

The analyst comments "We expect Verizon to deliver solid 3Q financial and KPI results, showing steady progress towards meeting its full-year guidance. We expect Verizon to highlight improving postpaid phone volumes with an upwardly revised outlook of +230k (including 65k SecondNumber), service revenue growth of 1.8% yoy (+20bps vs. consensus) and EBITDA growth of 1.5% yoy (+10bps vs. consensus). We have incorporated some minor adjustments to the model, including a lower Consumer upgrade rate and the disclosed charges that include headcount reduction costs. We expect focus to start to shift towards 2025 expectations and we believe there may be some room to exceed the consensus on service revenue and EBITDA growth, as Verizon continues to incorporate additional ways to help ARPU monetization (with changes to autopay being the latest). We maintain our Buy rating on VZ with a revised target price of $49/share."

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