BofA lowered the firm’s price target on Verizon to $41 from $51 and keeps a Neutral rating on the shares. The firm has updated its financial model ahead of Q1 earnings to reflect how it believes the quarter evolved and also lowered its target multiple on 2023 EPS estimates to reflect near-term challenges. The core business remains "solid," its dividend is "sustainable," and its long-term deleveraging target is "credible," but Verizon’s new leadership team will likely need time to formulate and implement a new strategic plan and growth agenda, BofA tells investors.
Published first on TheFly
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