Jefferies Sees Record iPhone Activity at Verizon (VZ) in Q4

Analysts at Jefferies commented on Verizon Communications (NYSE: VZ) following checks which showed that the company will likely have a strong fourth quarter of iPhone/4G (Nasdaq: AAPL) smartphone sales.

The firm expects "Big Red" to post industry leading net adds for the quarter, with retail postpaid net adds above 1.1 million.

Jefferies also sees record upgrade activity as well. Like the AT&T phenomenon, Verizon customers likely were waiting on the "next" iPhone instead of purchasing the "out-of-date" iPhone 4.

They reiterated their Buy and $45 price target on Verizon, although they reduced 4Q EPS estimate by a penny to $0.54 from $0.55 to reflect the higher subsidies.

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 $39.76 yesterday.

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