In a research report issued this morning, Canaccord Genuity analyst Gregory Miller reiterated a Buy rating on Verizon Communications (NYSE:VZ) with a $56 price target, ahead of the company’s fourth-quarter results on Thursday morning, January 22.

Miller noted, “With the company having preannounced partial subscriber metrics – including elevated churn and higher-than-initially expected upgrade activity that pressured margins – we have adjusted our model accordingly. Though management expects Q1/15 wireless margins to return to historical levels, we believe competition will remain elevated, limiting potential for meaningful margin expansion in the near-term. We maintain our BUY rating, however, as our broader thesis on the US carrier space remains unchanged: we like Verizon for its leading postpaid market share and profitability, and TMobile US as the share-gainer.”

The analyst concluded, “Given the elevated promotional activity and overall stiff competition in the US wireless market in Q4/14, we are lowering our estimates ahead of the company’s report.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gregory Miller has a total average return of 3.1% and a 67.4% success rate. Miller has a 1.6% average return when recommending VZ, and is ranked #1289 out of 3428 analysts.