Highlights

  • JPMorgan Chase & Co. revises target price for Verizon Communications to USD 47.00.
  • Consensus rating remains “Hold” with an average target price of USD 47.41.
  • Q3 earnings per share reached USD 1.21, slightly above expectations.

JPMorgan Chase & Co. reduced its target price for Verizon Communications (NYSE:VZ) from USD 49.00 to USD 47.00. The brokerage reaffirmed a “neutral” rating on the stock. The report, released Thursday, cited moderate adjustments in market expectations.

Recent Analyst Actions

Several other institutions issued updates recently.

  • Goldman Sachs began coverage on September 2, setting a buy rating and a USD 49.00 target.
  • BNP Paribas Exane downgraded the stock from outperform to neutral, setting a USD 44.00 target on October 21.
  • Royal Bank of Canada (RBC) also lowered its price target from USD 46.00 to USD 44.00 and gave a sector perform rating.
  • Scotiabank, in contrast, lifted its price target slightly from USD 50.50 to USD 51.00, maintaining a sector perform stance.

According to MarketBeat.com, two analysts rate the stock as Strong Buy, six as Buy, and thirteen as Hold. The consensus rating remains “Hold” with an average target price of USD 47.41.

Earnings Overview

Verizon reported its quarterly results on October 29. The company posted USD 1.21 earnings per share, topping estimates by USD 0.02. Net margin stood at 13.28%, while return on equity reached 19.61%.

Revenue for the quarter was USD 33.80 billion, slightly below the expected USD 34.19 billion. Year-over-year, revenue rose 1.5%, compared to USD 33.29 billion in the same period last year.

Company Background

Verizon Communications Inc. provides communications, technology, and entertainment services globally. It operates under two segments — Verizon Consumer Group and Verizon Business Group — serving individual, corporate, and government clients.

As of recent estimates, analysts project Verizon to post full-year EPS of 4.69, maintaining moderate growth in its core operations.