Jefferies & Co. has raised their price target for phone giant, Verizon Communications Inc.(VZ) Friday.
The firm has reaffirmed a “Buy” rating for VZ, and has raised its price target from $50 to $52. This price suggests a 9% increase over the stock’s current price of $45.38, and a 23% increase from the stock’s YTD price of 40.12.
An analyst from the firm noted, “we believe, with its LTE advantage, wireless could materially outperform comps for an extended period.”
Analysts believe that VZ is already ahead of their competitors, and still have a lot of penetration to make in the market.
Verizon shares were down 36 cents, or 0.79% on Friday afternoon.
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 4.50% dividend yield, based on last night’s closing stock price of $45.78.
Verizon Communications Inc.(VZ)is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.6 out of 5 stars.