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FBR Capital Reiterates Outperform on Verizon Communications (VZ) Following Solid 3Q

October 21, 2016 9:10 AM EDT

FBR Capital reiterated an Outperform rating and $57.00 price target on Verizon Communications (NYSE: VZ) following the company's 3Q earnings report. Consolidated revenue of $30.9B was below the consensus of $31.0B, driven primarily by a 3.9% YOY decline in wireless revenue and a 2.3% YOY decline in wireline revenue. Adjusted EPS of $1.01 was ahead of the consensus estimate of $0.99.

Analyst David Dixon commented, "Weaker macroeconomic conditions and an... More