Telecom giant Verizon Communications Inc. (
) on Wednesday saw its rating and price target boosted by analysts
at Goldman Sachs.
The firm said it upgraded VZ from "Neutral" to "Buy" while
raising its price target from $34 to $42. That new target implies a
19% upside to the stock's Tuesday closing price of $35.36.
Goldman called VZ its top large-cap pick across Comm Services,
and noted it expects the stock to continue to outperform in 2011.
The analyst expects wireless service revenue growth to be a main
catalyst for the company.
Verizon shares rose 34 cents, or +1%, in premarket trading
The Bottom Line
We have been recommending shares of Verizon (
) since Oct.10, 2008, when the stock was trading at $25.93. The
company has a 5.51% dividend yield, based on last night's closing
stock price of $35.36.
Verizon Communications Inc. (
) is a "Recommended" dividend stock, holding a Dividend.com DARS™
Rating of 3.5 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
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