Telecommunications conglomerate Verizon Communications Inc. (NASDAQ:VZ) recently revealed that its division, Verizon Business, has entered into a strategic partnership with an enterprise 5G company, Celona, to jointly launch a new turn-key private networking solution.
Following the news, shares of the company remained almost static to close at $54.35 in Thursday’s extended trading session.
The partnership is aimed at making the lives of small, mid-market and enterprise businesses easier and helping businesses grow by bringing private 5G applications to market, reducing costs and addressing operational challenges.
The partnership will combine the capabilities of Verizon’s On Site LTE and 5G network with Celona’s critically acclaimed 5G LAN products by jointly delivering an enterprise-friendly platform and lower cost for developers.
The CEO of Verizon Business, Tami Erwin, said, “Today, every organization around the world faces its own unique set of digital transformation challenges, and for businesses to remain competitive, they require new, cutting-edge solutions designed specifically to meet their needs. The partnership we’ve announced today does exactly that. No one is better positioned to leverage the power of private networks than Verizon, and we can’t wait to see our partnership with Celona deliver powerful results for our customers.”
Consensus among analysts is a Moderate Buy based on 4 Buys and 5 Holds. The average Verizon price target of $60.44 implies upside potential of 10.6% from current levels. Shares have declined 0.3% over the past year.
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