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“Verizon’s strategic position isn’t nearly so dire as AT&T’s.”
Alastair Pike/AFP via Getty Images
Verizon Communications
shares received a boost Wednesday from MoffettNathanson analyst Craig Moffett, who lifted his rating on the telecom giant to Buy from Neutral and changed his price target on the stock to $66 from $59.
His core thesis is that with the stock trading at just half of the broader market’s price/earnings ratio,
Verizon
shares (ticker: VZ) are “simply too cheap.”
Moffett isn’t exactly a raging bull on Verizon, but he does see room for the stock to gain ground from here, even as the company continues to lose market share to
T-Mobile US
(TMUS), which he continues to recommend. He also maintains his Sell rating on
AT&T
(T), which he sees as losing market share to both of its rivals and which is hampered by considerable leverage.
Moffett notes that T-Mobile’s combination