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Schaeffer's Street Stories: Verizon Communications Drops After Bearish Brokerage Action

Schaeffer's Street Stories: Verizon Communications Drops After Bearish Brokerage Action


Published on 2009-01-05 10:21:30, Last Modified on 2009-01-05 10:21:48 - Market Wire
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CINCINNATI--([ BUSINESS WIRE ])--U.S. phone companies were targeted by some negative brokerage action this morning. Craig Moffett, an analyst at Bernstein Research, hit Verizon Communications (NYSE: VZ) and AT&T (T) with both downgrades and price-target cuts. Moffet lowered his rating on VZ from "market perform" to "underperform" and slashed his price target to $27 from $32.

"AT&T and Verizon may indeed be somewhat more recession-resistant than most business. But we believe they are nevertheless much more cyclically exposed than consensus estimates (and valuations) would suggest," Moffet said in a report.

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