After Meeting With CEO, JPMorgan Upgrades Verizon To Overweight

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JPMorgan analyst Philip Cusick upgraded Verizon Communications to Overweight from Neutral with an unchanged price target of $58. The shares closed yesterday up 81c to $47.20.

After meeting with CEO Lowell McAdam, Cusick says he has a better understanding that Verizon's "organic approach to wireless has the company on an increasingly stable footing." Further, the analyst believes Verizon's 5G opportunity "will start to crystallize in the next few months." Cusick expects the company's revenue to stabilize and notes the stock is down 11% this year.

The analyst is positive on the 5% dividend yield and "free 5G optionality."

 

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Craig Newman 1 year ago Member's comment

God I hate JP they are always causing me trouble.. I just sold $S grrrr.