Morgan Stanley upgrades Verizon, says risk-reward looks favorable after stock's underperformance
The risk-reward outlook for Verizon 's stock looks favorable after underperforming its telecom peers this year, according to Morgan Stanley. Analyst Simon Flannery upgraded the stock to overweight in a note to clients Thursday, saying that the company offers a defensive business mix for a slowing macro period. Along with the upgrade, Flannery upped the bank's price target to $44 a share, implying a more than 17% upside from Wednesday's close.
"We think the underperformance this year has been driven in part by weak [key performance indicators], negative earnings revisions, and concerns around intensifying wireless competition," Flannery. "However, we believe that at current levels, the stock is now discounting an overly negative relative outlook and see signs that trends are gradually improving." Another strength for Verizon is its solid dividend yield at roughly 7%, which it continues to increase.
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