JPMorgan upgrades Verizon on expected growth pickup in 2021

JPMorgan analyst Philip Cusick upgraded Verizon Communications to Overweight from Neutral with a price target of $65, up from $61. The stock closed Wednesday down 53c to $57.22.

The upgrade is based on accelerating wireless service revenue growth, the clearing of spectrum shortages, Tracfone accretion, reduced fears of tax increases and potential new revenue sources around fiber and fixed broadband developing in 2021, Cusick tells investors in a research note. Further, the analyst believes Verizon will resume buybacks as early as 2022. Verizon is “both a very defensive stock at current levels and poised to grow as investors gain confidence in the acceleration of the business,” says Cusick.

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