Canaccord Genuity Sticks With Buy on Verizon (VZ) Post Q2

Canaccord Genuity analyst Greg Miller reiterated a Buy rating and $55 price target on Verizon Communications (NYSE: VZ) Friday following in line Q2 results.

Miller said "Verizon reported results basically in line with expectations... Importantly, the company barely addressed its potential entry into the Canadian wireless market or the ever-present possibility of the acquisition of part or all of the 45% interest in Verizon Wireless it currently does not hold leaving it open to speculation. Even though we have yet to witness a wireline recovery and with the US wireless business becoming increasingly competitive and no clear determination on near-term M&A activity, we continue to recommend the share for purchase with a $55 price target."

Miller increased his 2013 estimated revenue to $120.3B from $120.5B.

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 $49.97 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Evercore ISI Recaps Verizon Communications (VZ) Earnings
• Midday movers: Tesla, Li Auto and CNH Industrial fall; Salesforce rises
• Republic Services (RSG) PT Raised to $203 at Baird