Verizon Q4 Shows Consumer Turnaround Continues - BofA Analyst Eyes Wireless Growth in 2024 Financial Forecast
Portfolio Pulse from Anusuya Lahiri
BofA analyst David W. Barden maintained a Neutral rating on Verizon Communications Inc (NYSE:VZ) with a price target of $41, noting the company's Q4 results were in line with expectations and had better than expected wireless post-paid phone net additions. Verizon's 2024 financial guidance includes wireless service revenue growth, adjusted EBITDA growth, adjusted EPS, and capex, with Barden highlighting potential free cash flow factors and the wireless market growth outlook for 2024. VZ shares closed up 6.70% at $42.43.
January 23, 2024 | 9:20 pm
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POSITIVE IMPACT
Verizon's Q4 results met expectations with strong wireless post-paid phone net additions. The 2024 guidance suggests steady growth, and the stock closed up 6.70%.
The positive Q4 results and the optimistic 2024 financial forecast, including wireless service revenue and adjusted EBITDA growth, are likely to instill investor confidence in the short term. The recent 6.70% increase in share price reflects a positive market reaction, which may continue in the short term as the company's outlook aligns with analyst expectations.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100