Jefferies downgraded Verizon Communications (NYSE: VZ) from Buy to Hold with a price target of $53.00.

Analyst Mike McCormack commented, "We are downgrading Verizon from Buy to Hold, but maintain our $53 price target. Although we continue to believe Verizon is well positioned in the industry long-term, we don’t believe near-term catalysts exist to provide upside to either our estimates, or our view on valuation. Although we see few catalysts for further share appreciation, we do not expect downside either given strong cash flow and a healthy 4.2% dividend yield."

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Shares of Verizon Communications closed at $53.52 yesterday.