Verizon (VZ, Financial) has received a significant upgrade from Evercore ISI, which raised its rating to "Outperform" from "In Line". The firm also increased its price target for the telecommunications giant from $44 to $48. This upgrade comes despite Verizon's stock underperforming its rivals AT&T (T) and T-Mobile (TMUS) in recent years, even as it has fared better than the broader market this year.
The analysts at Evercore ISI highlighted several positive developments for Verizon, including its strong execution towards improving postpaid subscriber trends in its Consumer segment, as well as maintaining growth momentum in Business wireless customers. Moreover, Verizon has been meeting its broadband subscriber targets consistently.
Evercore ISI further noted that Verizon's performance is not being adequately recognized by the market, particularly concerning its wireless service revenue growth, fiber initiatives, and potential benefits from the upcoming Frontier acquisition. As a result, Verizon has been named Evercore’s top recommendation in the wireless sector and is considered their top value investment idea.
