UPDATE: Redburn Starts Verizon Communications (VZ) at Sell
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Redburn analyst Steve Malcolm initiates coverage on Verizon Communications (NYSE: VZ) with a Sell rating, PT $50.00.
The analyst comments "Verizon has an enviable track record for a scale telecom incumbent.But as an equity, it faces likely revenue disappointment versus over-bullish guidance, rising capital requirements and falling ROCE. With only a 5% true cash yield, there is insufficient room for error. We rate the shares Sell, with a $50 fair value."
Shares of Verizon Communications closed at $56.37 yesterday.
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