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Verizon's Top Priority for 2024: Churn Management, According to Analyst

By Don Francis, Editor
April 3, 2024 7:45 AM UTC
Verizon's Top Priority for 2024: Churn Management, According to Analyst

RBC Capital's Jonathan Atkin raised their price target on Verizon (NYSE: VZ) by 11.1% from $36 to $40 on 2024/04/02. The analyst maintained their Hold rating on the stock.

According to a preview of Verizon's Q1 2024 earnings, Atkin predicts that the company will continue to maintain its strong gross adds momentum and expects a 3.1% year-over-year increase in wireless service revenue. Atkin also believes that churn management will be Verizon's top priority for 2024.

Currently, 80% of top-rated analysts rate VZ as a Strong Buy or Buy, while 20% see it as a Hold. None of the analysts recommend selling the stock. The consensus forecast among these analysts is that VZ's upcoming year will deliver earnings per share (EPS) of $3.34. If the analysts' predictions hold true, VZ's next yearly EPS will be up by 21.1% on a year-over-year basis.

Since VZ's last quarterly report on 2023/12/31, the stock price has increased by 12.8%. On a year-over-year basis, the stock is up 8.5%. However, during this period, VZ has been trailing behind the S&P 500, which has recorded a significant increase of 26.2%.

Jonathan Atkin, the RBC Capital analyst who raised the price target on Verizon, is ranked in the bottom 12% out of 4,530 Wall Street analysts by WallStreetZen. Atkin has an average return of -2% and a win rate of 43.5%. Their specialization lies in the Real Estate and Basic Materials sectors, among others.

Verizon Communications Incorporated, headquartered in New York, NY, offers a wide range of communications, technology, information, and entertainment products and services. Its Consumer segment provides internet access and wireless equipment, including smartphones and other handsets. The Business segment focuses on private networking, private cloud connectivity, virtual and software-defined networking, and internet access services. As of now, Verizon has 27 million wireless retail postpaid connections and 477,000 wireline broadband connections. The company has been in operation since 1983, serving consumers, businesses, and governmental entities in the U.S. and internationally.

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