UPDATE: Loop Capital Starts Verizon Communications (VZ) to Hold
- Nasdaq scales record peak ahead of Apple, Amazon results
- Ford Motor (F) Stock Rallies After Smashing Estimates and Raising Guidance, Reinstated Dividend, Analysts Bulled-up
- Twilio (TWLO) Stock Plummets 12% on Decelerating Sales Growth, Weak Q4 EPS Outlook and COO Departure, Analysts Lower PTs but Remain Optimistic
- Tesla (TSLA) Stock Price Raised at Piper Sandler to $1,300 on Three Insights That are Overlooked
- Comcast (CMCSA) Stock Rallies on Strong Q3 Results, Analyst Expects Shares to Outperform
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - September 20, 2021 4:54 PM EDT)
Loop Capital analyst Stephan Bisson initiates Verizon Communications (NYSE: VZ) from to Hold with a price target of $57.00.
The analyst commented, "Verizon is the largest wireless company in the U.S. with steadily growing wireless assets and a potentially exciting future with 5G enabling new products such as Mobile Edge Compute (MEC) and Fixed Wireless Broadband. That said, current growth isn’t fast enough to drive multiple expansion, the upside to numbers from MEC is difficult to quantify given the nascent state of these services and we think investors will have time to see the products develop before diving in. Our $57 price target is based on a 7.5x target multiple on our ‘23E EBITDA. Our 7.5x target multiple is generally in line with VZ’s current trading multiple, as well as its 1-and 3-year average multiples."
Shares of Verizon Communications closed at $54.28 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Tigress Financial Partners Starts monday.com Ltd. (MNDY) at Buy
- UPDATE: Bernstein Starts XPeng (XPEV) at Outperform
- Codan Limited (CDA:AU) (CODAF) PT Lowered to AUD16.50 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!