Morgan Stanley analyst Simon Flannery upgraded Verizon Communications (VZ) to Overweight from Equal Weight with a price target of $44, up from $41, which offers over 20% total returns. Following the stock’s significant underperformance in 2022, Verizon trades at a "historically attractive valuation on an absolute and relative basis," Flannery tells investors in a research note. The analyst sees room for improved operational performance in 2023 and the company’s free cash flow ramping 45% by 2024. He switched his preference to Verizon from AT&T, a stock he downgraded this morning to Equal Weight.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on VZ:
- Surging fuel costs, inflation impacting fleets – Verizon Business report
- Verizon Frontline Crisis Response Team deployed nearly 700 times in 2022
- Verizon’s New +Play System Offers a Netflix Promotion
- Verizon announces early access to +play beta
- Verizon Public Sector collaborates with Veterans Health Administration’s NCCHI