Verizon Upgraded to “Buy” at Goldman Sachs (VZ)

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Telecom giant Verizon Communications Inc. ( VZ ) 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 Wednesday.

The Bottom Line
We have been recommending shares of Verizon ( VZ ) 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. ( VZ ) 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 .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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