Stock Update (NYSE:VZ): Verizon Communications Inc. Announces Early Participation Results and Upsizing of Its Tender Offer for all Series of Waterfall Notes

Verizon Communications Inc. (NYSE:VZ) announced the results as of 5:00 p.m., New York City time, on March 18, 2016 (the “Waterfall Early Participation Time”) of its previously announced cash tender offer on behalf of itself and certain of its subsidiaries for the Waterfall Notes.  Verizon today also announced that it has increased the Waterfall Cap from $4,000,000,000 aggregate purchase price (excluding accrued and unpaid interest and any fees or commissions) to $5,500,000,000 aggregate purchase price (excluding accrued and unpaid interest and any fees or commissions). Except for the change with respect to the Waterfall Cap, there are no other modifications being made with respect to the Waterfall Offer. The complete terms and conditions of the Waterfall Offer are set forth in the offer to purchase dated March 4, 2016, as amended with respect to the Waterfall Offer by Verizon’s press release dated as of March 14, 2016 and this press release (the “Offer to Purchase”) and the related letter of transmittal.  Capitalized terms used but not defined herein have the meanings set forth in the Offer to Purchase. (Original Source)

Shares of Verizon closed last Friday at $53.24, down $0.39 or -0.73%. VZ has a 1-year high of $53.85 and a 1-year low of $38.06. The stock’s 50-day moving average is $51.33 and its 200-day moving average is $46.48.

On the ratings front, Verizon has been the subject of a number of recent research reports. In a report issued on March 14, Citigroup analyst Michael Rollins maintained a Hold rating on VZ, with a price target of $54, which represents a slight upside potential from current levels. Separately, on February 23, Deutsche Bank’s Matthew Niknam initiated coverage with a Hold rating on the stock and has a price target of $49.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Rollins and Matthew Niknam have a total average return of 5.1% and 22.8% respectively. Rollins has a success rate of 60.7% and is ranked #709 out of 3760 analysts, while Niknam has a success rate of 69.2% and is ranked #239.

The street is mostly Neutral on VZ stock. Out of 6 analysts who cover the stock, 4 suggest a Hold rating and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $51.17, which represents a slight downside potential from current levels.



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