Verizon price target lowered to $40 from $44 at Wells Fargo

Wells Fargo lowered the firm’s price target on Verizon to $40 from $44 and keeps an Equal Weight rating on the shares. The firm sees encouraging signs in Q1 – improvement in sub trends and limited churn from price-ups – offset by some softness in the business segment and prepaid. Wells would get more constructive when there’s visibility on a sustainable improvement in sub trends.