Verizon’s Analyst Upgrades Predict Superior 2024 Performance Verizon’s Analyst Upgrades Predict Superior 2024 Performance

Written By Michael Gary Scott


Shares of Verizon Communications Inc. VZ have been in focus following news of a particular merger between Dish NetworkDISH and EchoStar SATS.

Verizon has grabbed attention after an upgrade by a KeyBanc Capital Markets analyst Brandon Nispel, who foresees a remarkable 2024.

Analyst’s Upgrade: Nispel raised Verizon’s rating from Sector Weight to Overweight, setting a price target of $45.

Verizon’s Future: The company is projected to witness improvements in postpaid phone net additions every quarter in 2024, in contrast to T-Mobile and AT&T, an upgrade note stated.

“We expect VZ’s Consumer Broadband business to achieve 1.16M net adds in ’23 and 1.03M in ’24, which compares to our expectations for T of -170K in ’23 and -96K in ’24,” the analyst wrote. “We expect VZ to outperform T given VZ’s growing FiOS (Fiber) and 5G Home (FWA) service, and relatively smaller amount of Non-Fiber (DSL and Other) customers,” he added.

“VZ EBITDA growth should go from 0% in ’23 to >2% in ’24, which would represent VZ’s second fastest adj. EBITDA growth rate since 2018,” Nispel further stated.

VZ Price Action: Shares of Verizon were up 1.08% to $39.30 at the time of publication Wednesday.

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