Canaccord Genuity Reiterates Buy On Verizon Communications, $56 PT

In a research report issued today, Canaccord Genuity analyst Greg Miller reiterated a Buy rating on Verizon Communications (NYSE:VZ) with a price target of $56.00.

Miller noted, “With Verizon having already highlighted strong intra-quarter postpaid subscriber net adds (+40% y/y as of early September), we expect solid Q3/14 results when the company reports Tuesday morning, October 21. We are slightly raising our revenue estimates to account for higher net additions while modestly lowering our EBITDA and EPS estimates due to the negative impacts of the lower-than-expected Edge take rate. Specifically, management noted a rate similar to Q1/14, which implies a sequential decline versus our expectation of a slight acceleration.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Greg Miller has a total average return of -0.1% and a 46.3% success rate. Miller has a 5.3% average return when recommending VZ, and is ranked #2255 out of 3336 analysts.

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