What C-band Brings to Verizon Communications (VZ), Thoughts From Analyst Day - BofA Securities
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BofA Securities analyst David Barden reiterated a Buy rating and $64.00 price target on Verizon Communications (NYSE: VZ) after attending the company's analyst day where the key topic was C-band spectrum and the company's strategy.
Describing what C-band brings to the table, the analyst stated "Verizon will spend $52.9bn on the C-band auction including clearing costs. To accelerate its time to market, on top of its business-as-usual ~$18bn capex budget, the company will add $10bn to its budget over the next 3 years beginning immediately but VZ cannot size the ’21 impact at this stage. VZ took down 60% of early clearing licenses and across the country it has 140MHz minimum per market and 161MHz on average. The company highlighted the lower C-Band A1 block as its anchor spectrum block as the furthest from legacy satellite use. Some have speculated the lower band could experience ‘noise’ from CBRS but VZ stated its position would prove complementary to its own CBRS holdings. VZ plans to have 100m POPs (population) covered by year-end 2021, 175m by 2023 and 250m in 2024 and beyond."
Shares of Verizon Communications closed at $56.95 yesterday.
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