Piper Jaffray reported on Monday that they have reaffirmed their current “Overweight” rating on communications company, Verizon Communications Inc.(VZ).
The firm has maintained an “Overweight” rating and a $50 price target on the company. This price target suggests a 6.8% increase from the stock’s current price of $46.60.
A Piper Jaffray analyst commented, “Terremark is the crown jewel of Verizon’s datacenter and hosting strategy. Verizon has been quietly winning government contracts and expanding its footprint. What are Verizon’s plans for the future of its datacenter and hosting business? Where will Verizon expand next? We will have Chris Drumgoole, SVP of Global Operations for Verizon’s datacenter and hosting business on hand to answer these and other questions you may have. Our fireside chat will take place at 1 PM ET on March 12th.”
Verizon shares were mostly flat during premarket trading Monday. The stock has increased 20% in the past year.
The Bottom Line
Shares of Verizon Communications Inc.(VZ) have a 4.41% yield, based on Friday’s closing price of $46.72.
Verizon Communications Inc.(VZ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.