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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