Citigroup Raises Price Target on Verizon (VZ)
Citigroup reported on Friday that it has raised its price target on communications company, Verizon Communications Inc. (VZ).
The firm has increased its estimates through 2014 following its first quarter results. Analysts have raised their price target to $56, which suggests a 8% upside from the stock’s current price of $51.48.
Analysts see a possibility of a leveraged buyout of Vodafone’s stake in VZ.
Verizon shares were up 45 cents, or 0.88% during Friday morning trading. The stock has increased 35% in the past year.
The Bottom Line
Shares of Verizon Communications Inc. (VZ) have a 4.00% yield, based on Friday morning’s price of $51.50.
Verizon Communications Inc. (VZ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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