UBS reported that they have downgraded communications company, Verizon Communications Inc.(VZ) on Monday.
The firm has downgraded VZ from “Buy” to “Neutral,” and has given the company a $44 price target. This price target suggests a 2.5% increase from the stock’s current price of $42.90.
Analysts view the company as a market leader in wireless communications, but have reduced their rating on the company due to lower than expected earnings.
Verizon shares were down 40 cents, or -0.92% during premarket trading Monday. The stock has increased 11% in the past year.
The Bottom Line
We have been recommending shares of Verizon (VZ) since Oct.10, 2008, when the stock was trading at $25.93. The company has a 4.76% dividend yield, based on Friday’s closing stock price of $43.30.
Verizon Communications Inc.(VZ)is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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