Market Update (NYSE:VZ): Verizon Downgraded; Telecom Stocks Cool Off After Torrid Q1

[at Investor’s Business Daily] – Jefferies and Bernstein Research each downgraded Verizon Communications (VZ) Thursday, citing a lack of near-term catalysts and valuation after shares in the high-dividend phone company jumped 17% during … Read more on this. Verizon Communications Inc. (VZ) , valued at $212.32B, opened at $52.52. Looking at today’s market, VZ one day range is $51.94 to $52.70 with a trailing 52-week range being $38.06 to $54.49. Verizon (VZ) shares are currently priced at 13.41x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 17.74x earnings multiple for the same period. And for those looking to make a return holding the stock, the company pays shareholders $2.26 per share annually in dividends, yielding 4.15%. According to a consensus of 25 analysts, the earnings estimate of $1.05 per share would be $0.03 better than the year-ago quarter and a $0.01 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $3.99 is a $0.00 worse when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $32.57 Billion. If realized, that would be a 1.84% increase over the year-ago quarter. More recently, Bernstein downgraded VZ from Outperform to Mkt Perform (Apr 7, 2016). Previously, Jefferies downgraded VZ from Buy to Hold. With the above information in mind, readers should note that the average price target is $51.70, which is 1.56% below where the stock opened this morning. See more in (NYSE:VZ) Similar Articles: Stock Update (NYSE:VZ): Led by Verizon And AT&T, Telecom Tops S&P Sectors; Dividends Rule Market Update (NYSE:VZ): Verizon (VZ) Stock Up, Strikes Deal With Cuba Telecom Operator Etecsa Market Update (NYSE:VZ): Frontier Downgraded By Citi On Post-Verizon-Deal Synergies