Evercore ISI says Verizon CEO transition creates wireless industry uncertainty

Evercore ISI told investors that the company’s unexpected announcement of a CEO transition has created some uncertainty across the wireless industry. The firm added that Verizon’s (VZ) board is focused on driving “more significant” operational changes, particularly around reaccelerating subscriber growth and market share gains. The firm concluded that the focus shifts to how incoming CEO Dan Schulman will reimagine the price versus quantity balance for the company while maintaining financial integrity and avoiding a “downward spiral” in competitive behavior across the wireless market. Evercore ISI reiterates an Outperform rating on Verizon and a $48 price target