Verizon Communications upgraded to "buy"

01/14/08 - Davenport & Co.

NEW YORK, January 14 (newratings.com) - Analyst F Drake Johnstone of Davenport & Company upgrades Verizon Communications (VZ) from "neutral" to "buy," while raising his estimates for the company. The target price has been raised from $50 to $51.

In a research note dated January 10 and published on January 11, the analyst mentions that the company has guided to 15% wireless growth in 2008. Verizon Communications expanded its Fios fiber network to nine million homes in 2007 and is likely to continue adding three million homes each year to this network, the analyst says. The company is expected to post its F4Q07 revenues and EPS ahead of the consensus, Davenport & Company adds. The operating EPS estimate for 2008 has been raised to $3.01.