BofA analyst Michael Funk reinstated coverage of Verizon (VZ) with a Neutral rating and $45 price target The firm expects less promotional intensity from Verizon than peers, which is “financially prudent,” but presents risk to reporting of consensus net add forecasts, the analyst tells investors. In addition, the upcoming Frontier communications acquisition is free cash flow dilutive and presents a risk to consensus FCF forecasts once closed.
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