Barclays sees momentum continuing into 2024 for Verizon Communications
) was raised to Overweight from Equal Weight at Barclays on Wednesday, with analysts raising the price target on the stock to $38 from $37 per share.
"We believe the expected improvement in second derivatives across unit growth, ARPU, service revenue, EBITDA and free cash flow is still not reflected in valuation," the analysts explained. The analysts also noted that postpaid phone net adds at 100k came in better than expected and continued to improve YoY,"which should position the company to post a more normal growth cadence in Q4 compared to the last couple of years where Verizon lost share."
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